emmcrisCatiebecc emmcrisCatiebecc
  • 06-11-2016
  • Mathematics
contestada

Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

Respuesta :

redheadangel
redheadangel redheadangel
  • 07-11-2016
40,000(1+.06/6)^6t=40,000
ln40400/40000
(ln=natural log)
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