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Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded yearly.

Solution

Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded yearly.

Solution

Time : 4.67

Solution steps

Translate the problem into an equation:

21000 = 16000 (1 + \frac{0.06}{1})^{1 \cdot t}

Solve for

t, 21000 = 16000 (1 + \frac{0.06}{1})^{1 \cdot t} : t = 4.67

Time : 4.67

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