At what nominal interest rate compounded quarterly will a certain amount of money be equal to 1.5 times of itself in 9 years? A 4.5% B 6% О 5.5% D 5%

Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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At what nominal interest rate compounded quarterly will a certain amount of
money be equal to 1.5 times of itself in 9 years?
A 4.5%
B
6%
© 5.5%
D 5%
Transcribed Image Text:At what nominal interest rate compounded quarterly will a certain amount of money be equal to 1.5 times of itself in 9 years? A 4.5% B 6% © 5.5% D 5%
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