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1, The effective rate of interest r earned by an investment can be defined by the formula r = where P is the initial

1, The effective rate of interest r earned by an investment can be defined by the formula r = where P is the initial investment, in dollars, that grows to a value of A after n years. Determine the initial price of a painting that was resold for $17 000 after three years, earning an effective interest rate of 8%. Answer to the nearest $100.

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