Paisley is going to invest $28,000 and leave it in an account for 14 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, would be required in order for Paisley to end up with $74,000?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
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Paisley is going to invest $28,000 and leave it in an account for 14 years. Assuming
the interest is compounded monthly, what interest rate, to the nearest tenth of a
percent, would be required in order for Paisley to end up with $74,000?
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