Question 1209221
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Calculations that brought tutor @math_tutor2020 to the value  t = 8.83... years (approximately)

were correct, but the conclusion, which he made from it was wrong.


The discretely compounded amount is not a continuous function of time.


The amount of a discretely compounded account is a discontinuous function.


It is changed jumping at the compounding time moments.


So, the value t= 8.83... years MUST be rounded UP to the closest compounding time period,

in order for the bank would be in position to make the last compounding.


Thus the correct answer to this problem is 9 years.



About a million of similar problems are solved at this site in my lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> 

with complete explanations. 


Learn the subject from there.



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