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10 February, 16:24

How long will it take for $600 to grow to $47,500 at an interest rate of 8% if the interest is compounded quarterly? Round the number of years to the nearest hundredth.

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  1. 10 February, 17:35
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    It will take about 55.19 years.

    To find this problem, we have to solve the following equation.
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