SOLUTION: you invested some money into an account with fixed percent interest compound annually after 3 years your investment was worth $3275.29 after 5 years $3680.12 what is the annual
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Question 822467: you invested some money into an account with fixed percent interest compound annually after 3 years your investment was worth $3275.29 after 5 years $3680.12 what is the annual interest rate? and what was the original amount invested? How many years will it take to double? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! you invested some money into an account with fixed percent interest compound annually after 3 years your investment was worth $3275.29 after 5 years $3680.12
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Using A(t) = P(1+(r/n))^(nt)
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what is the annual interest rate?
3680.12 = 3275.29(1+r)^5
rate = 0.0236
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and what was the original amount invested?
P = 3275.29
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How many years will it take to double?
Solve: (1.0236)^t = 2
t = ln(2)/ln(1.0236) = 30 years when rounded up
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Cheers,
Stan H.
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