HISTORICAL QUEST In 1981 Home Federal offered an FDIC-insured account that would quadruple your investment in 10

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HISTORICAL QUEST In 1981 Home Federal offered an FDIC-insured account that would "quadruple your investment in 10 years." What was the rate of this investment (to the nearest tenth percent) if we assume annual compounding? Use the formula

\[A=P\left(1+\frac{r}{n}ight)^{n t}\]

for $n=1 .$

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Nature Of Mathematics

ISBN: 9781133947257

13th Edition

Authors: Karl J. Smith

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Question Posted: Jan 28, 2024 01:01 AM

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HISTORICAL QUEST In 1981 Home Federal offered an FDIC-insured account that would quadruple your investment in 10

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To find the annual interest rate for a investment that quadruples in 10 years we can use the formula ...View the full answer

Nature Of Mathematics

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