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Betty and Bob invest $5000 into an account and then invest $3000 three years later. After 5 years the account balance is $10,062. Use Newtons
Betty and Bob invest $5000 into an account and then invest $3000 three years later. After 5 years the account balance is $10,062. Use Newtons Method with an initial guess solution of 7% effective to find the next approximate solution for the effective rate of return. Your final answer should be correct to 3 places after the decimal point.
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