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29 November, 16:05

Sam puts $1000 in a savings account where his money is compounded continuously at 6%. How long will it take him to have $1200 in his bank account? Round to the nearest tenth of a year

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  1. 29 November, 17:42
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    If Sam is getting 6% annually, 6% of $1000 is $60. 200 / 60 = 3.33

    It would take him 3.33 years to have $1200 in his account.
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