An investment increases in value by 10% in the first year. The new value increases by 15% in the second year. If the final value is $13,345.75, then what was the initial amount of the investment?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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An investment increases in value by 10% in the first year. The new value increases by 15% in the second
year. If the final value is $13,345.75, then what was the initial amount of the investment?
Transcribed Image Text:An investment increases in value by 10% in the first year. The new value increases by 15% in the second year. If the final value is $13,345.75, then what was the initial amount of the investment?
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