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Business Math

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Alicia Eastman deposited $2,000 in a savings account at the Biltmore Bank paying 6% ordinary interest. How many years will it take for her investment to amount to $2,600?

Using the scenario from the previous question, determine the maturity date of the loan.

  • Business Math - ,

    I - PRT

    600 = 2000 * 0.06 * T

    600 = 120T

    600 / 120 = T

    ? = T

  • Business Math - ,

    t=5

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