If an ounce of gold, valued at $610, increases at a rate of 6.6 percent per...

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If an ounce of gold, valued at $610, increases at a rate of 6.6 percent per year, how long will it take to be valued at $1,000? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)) Number of years

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Answer 1

Answer #1

Initial value	610
Amount	1000
rate	6.60%
Life	N
1000=	610*(1+6.6%)^N
1000/610=	1.066^N
1.639344262	1.066^N
Log 1.63944	N*log 1.066
0.21467016=	N* 0.0277572

N=	0.21467016/0.0277572
N=	7.73

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Answer 2

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If an ounce of gold, valued at $610, increases at a rate of 6.6 percent per...

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If an ounce of gold, valued at $610, increases at a rate of 6.6 percent per...

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