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Suppose a Savings Account Pays 8% Interest Per Year, Compounded

Question 151

Multiple Choice

Suppose a savings account pays 8% interest per year, compounded 6 times per year. If the savings accounts starts with $1,300, how long would it take for the savings account to exceed $6,800?


A) 20 years
B) 19 years
C) 22 years
D) 21 years

Correct Answer:

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