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?
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?
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5986c53-89d8-485d-a238-f86659e0f504%2F2d7ab378-dc32-4c6c-8a74-6a29b483e4e9%2Fej1y38su_processed.png&w=3840&q=75)
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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