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you deposit $7500 into a savings account by the yields 3.5% inches and is compounded quarterly you want to have 100,000 in your account before you retire how long will it take to reach that amount

you deposit 7500 into a savings account by the yields 35 inches and is compounded quarterly you want to have 100000 in your account before you retire how long w class=

Respuesta :

madethisfortwitch1

Answer:

74.33 years

Step-by-step explanation:

Formula:

[tex]AV=PV(1+\frac{i}{n})^{nt}\\100000=7500(1+\frac{.035}{4})^{4t}\\13.333333333333=1.00875^{4t}\\log_{1.00875}13.3333333=4t\\297.3237862=4t\\t=74.33[/tex]

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