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9. An investment of $15,000 earns 2.5% interest, compounded monthly. a) How much will the investment be worth after 3.5 years? b) How long will it take for the investment to reach $25,000?

9. An investment of $15,000 earns 2.5% interest, compounded monthly. a) How much will the investment be worth after 3.5 years? b) How long will it take for the investment to reach $25,000?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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9. An investment of $15,000 earns 2.5% interest, compounded monthly. a) How much will the investment be worth after 3.5 years? b) How long will it take for the investment to reach $25,000? c) Explain if you feel that this is a good investment to make.
Transcribed Image Text:9. An investment of $15,000 earns 2.5% interest, compounded monthly. a) How much will the investment be worth after 3.5 years? b) How long will it take for the investment to reach $25,000? c) Explain if you feel that this is a good investment to make.
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