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You want to invest $5000 at 9.5% p. a. and have it grow to $6000. How...

You want to invest $5000 at 9.5% p. a. and have it grow to $6000. How many years should the term of your investment be? Round to nearest 100th. Show your work.

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Answer #1

Answer—2 years

Year

Beginning balance'

Interest earned

Ending balance

1

$    5,000.00

$       475.00

$     5,475.00

2

$    5,475.00

$       520.13

$     5,995.13

3

$    5,995.13

$       569.54

$     6,564.66

The term of investment should be between year 2-3 . exact time period is calculated below

Year 2+

4.87/569.54

Year 2+

0.00855076

Answer--- 2.00 Years
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