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a principle of 7650 is invested at a rate of 3.7% compounded annually. after how many years will the investment first exceed 12250

Solution

a principle of 7650 is invested at a rate of 3.7% compounded annually. after how many years will the investment first exceed 12250

Solution

Time : 12.96

Solution steps

Translate the problem into an equation:

12250 = 7650 (1 + \frac{0.037}{1})^{1 \cdot t}

Solve for

t, 12250 = 7650 (1 + \frac{0.037}{1})^{1 \cdot t} : t = 12.96

Time : 12.96

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