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21 February, 10:07

Mirek invests £6000 at a compound interest rate of 1.5% per year.

He wants to earn more than £1000 interest.

Work out the least time, in whole years, that this will take.

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  1. 21 February, 10:52
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    11 years

    Step-by-step explanation:

    100%+1.5 = 1.015

    6000 * 1.01n >7000

    6000 X 1.015 to power of 10 equals = 6963

    6000 X 1.015 to power of 11 = 7067
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