A monument's annual maintenance cost is estimated to be $3, 894. If a $41, 545 fund is set up to pay for this maintenance, what interest rate must the fund earn to pay for maintenance indefinitely if interest is compounded quarterly.

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Chapter6: Saving And Investing
Section6.1: Why Save?
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A monument's annual maintenance cost is estimated to be $3, 894. If a $41, 545 fund is set up to pay for this maintenance, what interest rate must the fund
earn to pay for maintenance indefinitely if interest is compounded quarterly.
Transcribed Image Text:A monument's annual maintenance cost is estimated to be $3, 894. If a $41, 545 fund is set up to pay for this maintenance, what interest rate must the fund earn to pay for maintenance indefinitely if interest is compounded quarterly.
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