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09-10-2021
Mathematics

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You need $3,000 to buy a new stereo for your car. If you have $1,200 to invest at
6% compounded annually, how long will you have to wait to buy the stereo?

Respuesta :

09-10-2021

Answer:

15 years and 8 months

Step-by-step explanation:

I used the formula for compound interest as shown below and solved for the unknown, time.

Since our interest is compounded annually (So once a year) our m value is 1.

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