a)What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? b) How long will it take for the initial amount to double, compounded annually at the rate in (a) above?
a)What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? b) How long will it take for the initial amount to double, compounded annually at the rate in (a) above?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 49E
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a)What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years?
b) How long will it take for the initial amount to double, compounded annually at the rate in (a) above?
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