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Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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It’s January 1st. You are given the option of receiving $1000 today, or $510 at the end of June and 520 at the end of December. If you assume a market rate of 4% APR compounding monthly, which option is better?

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