Asked by Keisi
Suppose you deposit $103,000 into an account paying 7.5% simple annual interest, and that you won't touch the account until it holds $1,000,000. How long must you wait?
Answers
Answered by
Steve
just solve for t in
103000(1+.075t) = 1000000
103000(1+.075t) = 1000000
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