Jake puts his money in account earning 7% compounded annually and wants to leave it there...
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Jake puts his money in account earning 7% compounded annually and wants to leave it there until it reaches ten times its original value. a. How long must he leave the money in the account? b. How long would it take if the 7% APR was compounded monthly instead of annually? Jake puts his money in account earning 7% compounded annually and wants to leave it there until it reaches ten times its original value. a. How long must he leave the money in the account? b. How long would it take if the 7% APR was compounded monthly instead of annually?
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a To find out how long Jake must leave the money in the account we can use the formula for compound ... View the full answer
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