For a sum of $8000.00 to double itself in 12 years and 9 months, what must be the rate of interest compounded quarterly? OA. 4.56% B. 5.47% C. 13.06% D. 54%

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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For a sum of $8000.00 to double itself in 12 years and 9 months, what must
be the rate of interest compounded quarterly?
O A. 4.56%
B. 5.47%
C. 13.06%
O D. 54%
Transcribed Image Text:For a sum of $8000.00 to double itself in 12 years and 9 months, what must be the rate of interest compounded quarterly? O A. 4.56% B. 5.47% C. 13.06% O D. 54%
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