You are investing $6500 in an account that compound semi annually at a rate of 8.2%. How long will it take to make $13,000?(round your answers to the nearest whole number)

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Xtx asked Dec 18, 2022

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You are investing $6500 in an account that compound semi annually at a rate of 8.2%. How long will it take to make $13,000?(round your answers to the nearest whole number)

Mathematics
high-school

Xtx asked Dec 18, 2022

by Xtx

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18 votes

Answer:

~13 years

Explanation:

18500 = 6500(1 + [0.082/2])^(2t)

2.84 = (1.041)^2t

t ≈ 12.988 ≈ 13

Matt Ridge answered Dec 23, 2022

by Matt Ridge

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