f $9,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $41,270.28 on September 30, 2018. What interest rate, compounded annually, did this investment earn? (Round your answer to two decimal places.)

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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If $9,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $41,270.28 on September 30, 2018. What interest rate, compounded annually, did this investment earn? (Round your answer to two decimal places.)
%
Transcribed Image Text:If $9,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $41,270.28 on September 30, 2018. What interest rate, compounded annually, did this investment earn? (Round your answer to two decimal places.) %
A family wants to have a $130,000 college fund for their children at the end of 17 years. What contribution must be made at the end of each quarter if their investment pays 7.1%, compounded quarterly? (Round your answer to the nearest cent.)
$
Transcribed Image Text:A family wants to have a $130,000 college fund for their children at the end of 17 years. What contribution must be made at the end of each quarter if their investment pays 7.1%, compounded quarterly? (Round your answer to the nearest cent.) $
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