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
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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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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