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OpenStudy (anonymous):
Suppose you invest a principal of $20,000 with an annual APR of 6.5%. You just let the money sit in the bank earning compound interest, compounded once per year. How long will it take for your money to grow to $50,000?
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OpenStudy (anonymous):
I got to this equation \[50,000=20,000*(1+(.065/1)^(y)\]
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