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28 November, 21:02

Jesse deposits her $500 into bank. Interest is 9.5%. She withdraws 737.50. How long did she keep her money in the account?

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  1. 29 November, 02:54
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    We'll need to assume that this is a case of compound interest which is paid once per year.

    Then A = P (1 + r) ^t becomes

    $737.50 = $500 (1+0.095) ^t

    Then ($737.50/$500) = 1.095^t

    Take the log of both sides. 0.1688 = log 1.095^t, or

    0.1688 = t log 1.095 = t (0.0394)

    Solving for t, t = 0.1688/0.0394 = 4.28 years

    This comes out to 4 years and 28/100 of one year,

    or 4 years and 3.36 months, or

    4 years, 3 months and 11 days.
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