Find the interest rate needed for an investment of $10,000 to double in 9 years if interest is compounded monthly. (Roundyour answer to the nearest hundredth of a percentage point.)%Need Help?Read It475

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Answered: Find the interest rate needed for an…

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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Find the interest rate needed for an investment of $10,000 to double in 9 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.) % Need Help? Read It