Lukeadams
09.12.2019 •
Mathematics
(need ) jerome puts $1200 into a savings account that has a 3% intrest rate. how long will it take for his account to have a balance of $1,524?
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Ответ:
The compound interest equation is: Total = Principal × (1 + Rate) ^ years
We must solve it for years:
Years = {log(total) -log(Principal)} ÷ log(1 + rate)
Years = log (1,524) - log (1,200) / log (1.03)
Years = (3.182984967 - 3.079181246) / 0.012837224705
Years = 8.0861497236
Source: https://www.1728.org/compint2.htm
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