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Johnny deposited 600.00 into a new savings account that earns 9% interest compounded annually. How long will it take for the balance to grow to 682.00?Round your answer to the nearest month.

Solution

Solution

Time : 1.49

Solution steps

Translate the problem into an equation:

682 = 600 (1 + \frac{0.09}{1})^{1 \cdot t}

Solve for

t, 682 = 600 (1 + \frac{0.09}{1})^{1 \cdot t} : t = 1.49

Time : 1.49

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