If P dollars are invested at the end of each year in an annuity that earns interest at an annual rate r, the amount in the account will be A dollars after n years, where
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.
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If $5,000 is invested each year in an annuity earning 8% annual interest, when will the account be worth $75,000? Round to the nearest tenth.
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A. 3.2 years
B. 10.2 years
C. 23.6 years
D. 2.4 years
E. 15.0 years
Answer: B
Mathematics
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