Question
Clara would like to have $2, 100 in 7 years to give to her granddaughter as a 21st birthday present. She has $1, 500 to
Clara would like to have $2, 100 in 7 years to give to her granddaughter as a 21st birthday present. She has $1, 500 to invest in a 7year certificate of deposit. What rate of interest compounded annually must the CD earn? Round to the nearest hundredth of a percent.
How many years are required for $500 to grow to $800 at 1.5% simple interest?
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Numerical Analysis
Authors: Richard L. Burden, J. Douglas Faires
9th edition
538733519, 978-1133169338, 1133169333, 978-0538733519
