! 1.) a Find the interest rate needed for an investment of $3000 to grow to an amount of $5500 in 5 years if interest is compounded monthly. (Round your answer to the nearest hundredthof a percentage point.)X %b Find the interest rate needed for an investment of $3,000 to quadruple in 6 years if interest is compounded quarterly. (Round your answer to the nearest hundredth of a percentagepoint.)%C How long will it take $15,000 to grow to $18,000 if the investment earns interest at the rate of 6%/year compounded monthly? (Round your answer to one decimal place.)yrd How long will it take for an investment of $3,000 to triple if the investment earns interest at the rate of 3%/year compounded daily? (Round your answer to one decimal place.)

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stment earns interest at the rate of 3%/year compounded daily? (Rou

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CR: Chapter Review

Problem 52E: Investment problem If Landon invests 3000 in a 6-year certificate of deposit at the annual rate of...

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Question

1.) a Find the interest rate needed for an investment of $3000 to grow to an amount of $5500 in 5 years if interest is compounded monthly. (Round your answer to the nearest hundredth
of a percentage point.)
X %
b Find the interest rate needed for an investment of $3,000 to quadruple in 6 years if interest is compounded quarterly. (Round your answer to the nearest hundredth of a percentage
point.)
%
C How long will it take $15,000 to grow to $18,000 if the investment earns interest at the rate of 6%/year compounded monthly? (Round your answer to one decimal place.)
yr
d How long will it take for an investment of $3,000 to triple if the investment earns interest at the rate of 3%/year compounded daily? (Round your answer to one decimal place.)

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