Interest compounded yearly
Problem: You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? Show your work.
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You deposit $700 in an account that pays 2.75% annual interest. How long does it take the balance to reach $1,500 when the interest is compounded yearly? Show your work.
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