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Question: If John invests $2300 in a savings account with a 6% interest rate compounded annually, how long will it take until John's account has
Question: If John invests $2300 in a savings account with a 6% interest rate compounded annually, how long will it take until John's account has a balance of $4150?
So, I have made two solution.
The first one is,
A(t)=B(1+r)^t
4150=2300(1.06)^t
t=10.129
The second one is,
Y=P x e^rt
4150=2300(e)^0.06t
e^0.06t=1.8043
ln1.8043=0.06t
t=9.837
So, I got two answer which are 10.129 and 9.837. The question is asking time so should I round up 10.129 so 11 yrs or round up 9.837 so 10 yrs?
What is the correct answer: 10yrs? 11yrs?
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