You invest $10,000 in Rapid Growth Funds, which appreciate by 3% per year, with yields reinvested quarterly. By how much (in dollars) will your investment have grown after 3 years? (Round your answer to the nearest cent.)

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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You invest $10,000 in Rapid Growth Funds, which appreciate by 3% per year, with yields reinvested quarterly. By how much (in dollars) will your investment have grown after 3 years? (Round your
answer to the nearest cent.)
Transcribed Image Text:You invest $10,000 in Rapid Growth Funds, which appreciate by 3% per year, with yields reinvested quarterly. By how much (in dollars) will your investment have grown after 3 years? (Round your answer to the nearest cent.)
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