(i) What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? (ii) How long will it take for the initial amount to double, compounded annually at the rate in (î) above?
(i) What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? (ii) How long will it take for the initial amount to double, compounded annually at the rate in (î) above?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 29PS: What rate of interest to the nearest hundredth of percent is needed so that an investment of 2500...
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