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Problem 5 - 3 Compound Interest ( LO 1 ) Suppose that the value of an investment in the stock market has increased at an

Problem 5-3 Compound Interest (LO1)
Suppose that the value of an investment in the stock market has increased at an average compound rate of about 5% since 1909. It is
now 2020.
Note: For all requirements, do not round intermediate calculations. Round your answer to 2 decimal places.
a. If your great-grandfather invested $1,000 in 1909, how much would that investment be worth today?
b. If an investment in 1909 has grown to $1 million, how much was invested in 1909?
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