An amount was invested at r% per quarter. What value of r will ensure that accumulated amount at the end of one year is 1.5 times more than amount invested? Correct to 2 decimal places

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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An amount was invested at r% per quarter. What value of r will ensure that accumulated
amount at the end of one year is 1.5 times more than amount invested? Correct to 2 decimal
places
Transcribed Image Text:An amount was invested at r% per quarter. What value of r will ensure that accumulated amount at the end of one year is 1.5 times more than amount invested? Correct to 2 decimal places
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