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. What rate of interest compounded annually is required to double an investment in 6

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition | ISBN: 9780470876398 | Authors: Michael Sullivan ISBN: 9780470876398 408

Solution for problem 38 Chapter 6.2

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition

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Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition | ISBN: 9780470876398 | Authors: Michael Sullivan

Finite Mathematics, Binder Ready Version: An Applied Approach | 11th Edition

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Problem 38

. What rate of interest compounded annually is required to double an investment in 6 years?

Step-by-Step Solution:
Step 1 of 3

Section 2.1. Recommended Problems (pg. 27): 1, 3, 6. Functions in the Real World • Function: rule associating the values of one quantity (dependent variable) with the values of another (independent variable); in other words, for every single value of the independent variable there is precisely one associated value for the dependent variable o Depicted in one/four ways: 1. Formulas/equations 2. Graphs 3. Tables 4. Words A. Representing Functions with Formulas and Equations • Think of this as “a relationship between two quantities that is given as a formula” • EXAMPLES: 2 o Formula for area of a circle: A = π r o

Step 2 of 3

Chapter 6.2, Problem 38 is Solved
Step 3 of 3

Textbook: Finite Mathematics, Binder Ready Version: An Applied Approach
Edition: 11
Author: Michael Sullivan
ISBN: 9780470876398

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. What rate of interest compounded annually is required to double an investment in 6