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10 July, 05:42

Andrew deposited $500 in a savings account that offers an interest rate of 6.5%, compounded continuously.

Andrew's initial deposit will grow to $543 in months

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  1. 10 July, 08:31
    0
    A=pe^rt

    e^rt=A/p

    t = (log (A/p) / log (e)) / r

    t = (log (543:500) : log (e)) : 0.065

    t=1.3 years

    In months

    12+3=15 months
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