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Posted on Aug 05, 2024

You currently have $ 5 , 6 0 0 in an account that has an interest rate of 5 . 5 % per year compounded

You currently have $

5, 600

in an account that has an interest rate of

5.5 %

per year compounded quarterly. You want to withdraw all your money when it reaches $

13, 440 .

In how many years will you be able to withdraw all your money?

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