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23-06-2016
Mathematics

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Tia is investing $2500 that she would like to grow to $6000 in 10 years. At what annual interest rate, compounded quarterly, must Tia invest her money? Round your answer to two decimal places.

Respuesta :

23-06-2016

To find the required interest rate, you need to solve the following equation for r:
[tex]6000=2500(1+ \frac{r}{4} )^{40}[/tex]

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