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https://gyazo.com/a9329895d11aa0c4e0a2bdc180fbec8e  

I'm really stuck on this one, if you guys could help me, I would really appreciate it. Thank you!

Julius  Jun 17, 2017
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 #1
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Account 1 will be worth =$2,000 x 1.06 =$2,120 in exactly one year

Account 2 will be worth=2,000 x [1 + 0.06/12]^n =$2,120, solve for n

$2,120 =$2,000 x 1.005^n     divide both sides by 2,000

1.06 = 1.005^n                           take the log of both sides

n =Log(1.06) / Log(1.005)

n =11.68 months. After 11.68 months, or round it to 12 months, account 2 will be worth more than account 1.

Guest Jun 17, 2017

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