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k2448:
Patrick deposited $6,875 into a savings account 17 years ago. The account has an interest rate of 4.9% and the balance is currently $15,734.11. How often does the interest compound?
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Mercury:
compound interest formula: A = P(1 + r/n) ^(nt) in this case, P is your principal (6875), r is the interest rate as a decimal (0.049), t is time (17 years), and A is the amount after interest (15,734.11). plug these values in and solve for n.
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