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Rachel Spender wants to invest $4000 in savings certificates which bear an interest rate of
7.25% compounded semi-annually. How long a time period should she choose order to
save an amount of $4700?
 

 Mar 8, 2022
 #1
avatar+36433 
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4700 = 4000 ( 1 + .0725/2)2n      solve for 'n'  years....

 Mar 8, 2022
edited by ElectricPavlov  Mar 8, 2022

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