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May 27, 2015

Homework Help: Math

Posted by Amber on Monday, April 1, 2013 at 12:34am.

If you deposit P dollars into a bank account paying an annual interest rate r, with n interest payments each year, the amount A you would have after t years is A=P(1+r/n)^nt. Kevin places $100 in a savings account earning 6% annual interest, compound quarterly. If Kevin adds no more money to his account, how long will it take his money to double?

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