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Question

# Find the time required, to the nearest 0.1 year, for the investment to reach the desired goal. $2,000 invested at 6.75%, compounded daily; goal:$3,000.

Solution

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An investment of ${{\}} P$,

with interest compounded $m$ times a year at a yearly rate $r$,

after $t$ years accumulates to the amount

$A(t)=P(1+\frac{r}{m})^{mt}$

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