We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually.
Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000
from the account? (Assume that interest is added to the account on the last day of each year.)
We can take out that much at the end of the
th year
Transcribed Image Text:We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year
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