Find the interest rate needed for an investment of $4000 to grow to an amount of $8500 in 4 years if interest is compoundedmonthly. (Round your answer to the nearest hundredth of a percentage point.)%Enter a number.

To find the interest rate needed for an investment of $4000 to grow to anamount of $8500 in 4 years…

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Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.1: Exponential Functions

Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...

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Similar questions

Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other pays 5.9% compounded monthly. If he plans to invest 18,000 for 2 years, which investment should he choose? How much extra interest will he earn by making the better choice?
Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest, compounded monthly. If she opened her account when she was 20 years old, how much will she have by the time she’s 55? How much of that amount was interest earned?
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?

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Find the interest rate needed for an investment of $4000 to grow to an amount of $8500 in 4 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)