For Accounts Where Interest Is Compounded Annually, the Amount a Accumulated

question 19

Short Answer

For accounts where interest is compounded annually, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + r)^t. Find t when A = $994.93, p = $850, and r = 6.5%. Round your answer to the nearest tenth.

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