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you deposit $200 in an account earning 3.5% simple interest. How long will it take for the balance of the account to be $221?Question
You deposit $200 in an account earning 3.5% interest. How long will it take for the balance of the account to be $221?
Answers
oobleck
if simple interest, then you want 200*0.035*t = 21
if compound, then 200 * 1.035^t = 221
solve for t
if compound, then 200 * 1.035^t = 221
solve for t