A friend tells you she has saved for 7 years and has a present sum of $10,000,

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A friend tells you she has saved for 7 years and has a present sum of $10,000, which earned at the rate of 8% per year, compounded quarterly.

(a) Determine the equivalent amount she had to start with 7 years ago.

(b) Write the EFFECT function to find the effective rate per year.

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Engineering Economy

ISBN: 978-0073523439

8th edition

Authors: Leland T. Blank, Anthony Tarquin

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Question Posted: Dec 24, 2018 07:53 AM

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A friend tells you she has saved for 7 years and has a present sum of $10,000,

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Engineering Economy

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