Question

Asked Dec 10, 2019

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12.) What is the rate on an investment that doubles $3171 in 14 years? Assume interest is compounded quarterly.

Step 1

Let the rate of interest be *r/* year.

Since the interest compounded quarterly, the rate of interest becomes *r/*4.

The amount invested is *P* = $3171.

Double times of the initial amount is *A* = 2 × $3171 = $ 6342.

Year of investment ...

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