If you put $2,000 into an interest bearing account, where interest is compounded quarterly (4 times a year) at 6%, how long will it take for your money to triple? Use A = P(1+ 5nt %3D Solve for t. t = [?] years Round your answer to the nearest tenth.

Q: Name the formula that you use to solve the following problem. How much money should be deposited…

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Q: If you leave $5400 in an account earning 4% interest, compounded daily, how much money will be in…

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Q: ou invest $1400 in an account compounded continuously at 2.25$ for 5 years. How much money do you…

A: Formula for finding the amount in compound interest - A = P1+R100t…

Q: Nelson invested 5000 in savings account . If the interest rate is 1.62% how much will be in the…

A: Introduction: The formula of compound interest is given by, A=P1+rnnt Where P is the principal…

Q: $20,000 is invested at 3.5% interest compounded monthly. How long will it take for the investment to…

A: Given:Principal amount (P) = $20,000Final amount (A) = double the principal amountInterest rate (r)…

Q: How many years will it take for $7000 to grow into $12,450.20 at 8.4% compounded semiannually?

A: How many years will it take for $7000 to grow into $12,450.20 at 8.4% compounded semiannually?

Q: O $30,000 is invested at 6% interest compounded quarterly, Using the formula A= P(1+E)nt de termine…

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Q: Find the amount of money an investment of $15,000 compounded continuously for 10 years at 6.25%…

A: Given: Principal = P = $15,000 Annual rate = R = 6.25% Time = 10 years   To find: Final Amount = A

Q: Name the formula that you use to solve the following problem. How much money should be deposited…

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Q: You invest at 7% interest, compounded monthly. How long does it take for your money to triple?

A: The compound interest formula is  A=P(1+r/n)nt ; Where, P= principal             r=interest rate…

Q: At the age of 32, to save for retirement, you decide to deposit $70 at the end of each month in an…

A: Formula Used-  A = P1 + rnnt - 1rn where A is the Future value P is the Deposit value at the end of…

Q: Mary invests $3500 at 2.75% compounded continuously. How much money will be in the account after 6…

A: Given Principal amount p = $3500 Interest rate r = 2.75% = 0.0275 Time t = 6 years

Q: A deposit of $20,000 is placed in a scholarship fund that earns an annual interest rate of 3.75%…

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Q: Charlie invests $11000 into a savings account that grows at an interest rate of 4.5% per year.How…

A: Rate of interest for 1 week = (4.5%)/(Number of weeks) = (4.5%)/52