ont) A person wants to triple a sum of money by investing it for 17 years, and is shopping around for available interest rates. Find the annual interest rate needed for achieving this goal. Express the interest rate in percentage, rounded to the nearest hundredth of a percent. (a) If interest is compounded annually: % (round to the nearest hundredth of a percent) (b) If interest is compounded continuously: % (round to the nearest hundredth of a percent)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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A person wants to triple a sum of money by investing it for 17 years, and is shopping around for available interest
rates. Find the annual interest rate needed for achieving this goal. Express the interest rate in percentage, rounded to the
nearest hundredth of a percent.
(a) If interest is compounded annually:
% (round to the nearest hundredth of a percent)
(b) If interest is compounded continuously:
% (round to the nearest hundredth of a percent)
Transcribed Image Text:A person wants to triple a sum of money by investing it for 17 years, and is shopping around for available interest rates. Find the annual interest rate needed for achieving this goal. Express the interest rate in percentage, rounded to the nearest hundredth of a percent. (a) If interest is compounded annually: % (round to the nearest hundredth of a percent) (b) If interest is compounded continuously: % (round to the nearest hundredth of a percent)
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