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11 February, 18:13

Jericho wants to start saving to purchase a house. His goal is to save $95,000. If he deposits

$56,000 into an account that pays 3.75% interest compounded daily, approximately how long will

it take for his money to grow to the desired amount? Round your answer to the nearest tenth of a

year.

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Answers (1)
  1. 11 February, 19:11
    0
    56,128

    Step-by-step explanation:

    So, rounding it up to the nearest tenth would be 3.8% so, instead of 3.75% it would be 3.8%

    So, you would start by multiplying 56,000 and 3.8% you would get 2,128.

    Add 56,000 and 2,128 and your answer would be 56,128

    Therefore your answer will be 56,128
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