2200 dollars is placed in an account with an annual interest rate of 6.5%. To the nearest year, how long will it take for the account value to reach 14100 dollars?

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Solution

Solution

Time : 83.22

Solution steps

Translate the problem into an equation:

14100 = 2200 (1 + 0.065 t)

Solve for

t, 14100 = 2200 (1 + 0.065 t) : t = 83.22

Time : 83.22

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