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= P(1 + 7) ¹²
Use A =
where:
A- the amortized amount (total loan/investment amount over the life of the loan/investment)
P- the initial amount of the loan/investment
T- the annual rate of interest
n - the number of times interest is compounded each year
t- the time in years
Find how long it takes $800.00 to double if it is invested at 5% compounded annually.
years. (Round answer to 3 decimal places.)
It will take
Sagot :
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