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If the principal P = $500, the interest I = $100, and the rate r = 10%, find the following.

(a) What is the time?
years

(b) What is the future value?

2 answers

100 = 500 * 0.1 * T

100 = 50T

2 = T

find the interest rate r at which $740 compounded annually growa to $800 in 2 years

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