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17 March, 06:36

How long (in years) will it take a $3500 investment in a compound interest account with a 20 percent rate of return to grow to a balance of $112,000?

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  1. 17 March, 10:10
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    112000=3500 (1+0.20) ^t

    Solve for t

    112000/3500=1.20^t

    Log (112000/3500) = t*log (1.20)

    t=log (112,000:3,500) : log (1.20)

    t=19 years
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