Calvin invests $5000 at 5% p.a. Chloe invests $4000 at 7% p.a. How long will it take for their respective balances to be equal?
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for interest "paid annually" (I'm guessing that's what p.a. means) where A = account balance P = initial principle r = annual percentage rate t = time in years you want to know when the account balances are equal ... solve for t
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