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How long would it take for your account to have $1000, if your principle amount was $500 at an annual interest rate of 7% compounded.

User Sudhakar B
by
9.3k points

1 Answer

3 votes

Answer:

=10.24

Explanation:

500(1+0.07)^x = 1000

divide both sides by 500

(500(1+0.07)^x)/500 = 1000/500

(1+0.07)^x = 2

1.07^x = 2

convert your it to log format:

x = log(107/100)2

x = 10.24

User Uranus
by
8.2k points

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