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How many years has the deposit been invested

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Problem 1: Lee Spony made a deposit in the bank on January 1, 2010. The bank pays interest at the rate of 6% compounded annually. On January 1, 2017, the deposit has accumulated to $16,360. How much money did Lee originally deposit on January1, 2010? Round to the nearest whole dollar.

Problem 2: Nancy Holmes deposited $5,720 in the bank on January 1 a few years ago. The bank pays an interest rate of 12% compounded annually, and the deposit is now worth $14,162. How many years has the deposit been invested?

Reference no: EM132828319

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