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blairjaneaoyrfvp
25.07.2020 •
Business
you currently have $5600. First united bank will pay you an annual interest rate of 9.1, while second national bank will pay you an annual interest rate of 10.2. How many fewer years must you wait for your account value to grow to $15,700 at second national bank?
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Ответ:
1.22 years
Explanation:
The formula for calculating number of years:
FV / PV = (1 + r)^ n
FV = Future value
P = Present value
R = interest rate
N = number of years
at the first bank
$15700 / $5600 = (1.091)^n
2.80 = (1.091)^n
n = In 2.8 / In 1.091
to find n, take the IN of both sides
1.029619 / 0.08709 = 11.82 years
at the second bank
$15700 / $5600 = (1.091)^n
2.80 = (1.102)^n
n = n = In 2.8 / In 1.102
= 10.6 years
11.82 - 10.6 = 1.22 years
Ответ:
b.traditional
Explanation:
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