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A person invested $240 in an account growing at a rate allowing the money to double every 14 years. How long, to the nearest tenth of a year would it take for the value of the account to reach $430?

 Mar 15, 2020
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480 = 240(1 + i)^14     i = 5.076 %

 

430 = 240 (1.05076)^n        n= 11.77 years                  11.8 years

 Mar 15, 2020

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