3. A $12,300 investment earns 4.75%/a in interest, compounded quarterly. a) Determine the value of the investment in 3 years. b) How long will it take the original investment to triple in value?
3. A $12,300 investment earns 4.75%/a in interest, compounded quarterly. a) Determine the value of the investment in 3 years. b) How long will it take the original investment to triple in value?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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![3. A $12,300 investment earns 4.75%/a in interest, compounded quarterly.
a) Determine the value of the investment in 3 years.
b) How long will it take the original investment to triple in value?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5986c53-89d8-485d-a238-f86659e0f504%2F2d7ab378-dc32-4c6c-8a74-6a29b483e4e9%2Fej1y38su_processed.png&w=3840&q=75)
Transcribed Image Text:3. A $12,300 investment earns 4.75%/a in interest, compounded quarterly.
a) Determine the value of the investment in 3 years.
b) How long will it take the original investment to triple in value?
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