(3) (i) What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? (ii) How long will it take for the initial...

(3)<br>(i) What rate of interest compounded annually is needed to make an investment of $6,500<br>accumulate to an amount of $7166.25 at the end of two years?<br>(ii) How long will it take for the initial amount to double, compounded annually at the rate in (i)<br>above?<br>

Extracted text: (3) (i) What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? (ii) How long will it take for the initial amount to double, compounded annually at the rate in (i) above?

Jun 03, 2022

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(3) (i) What rate of interest compounded annually is needed to make an investment of $6,500 accumulate to an amount of $7166.25 at the end of two years? (ii) How long will it take for the initial...

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