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?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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?
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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