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If money is worth 5% compounded quarterly, how long (to the nearest day) before an investment of ...

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If money is worth 5% compounded quarterly, how long (to the nearest day) before an investment of ...

If money is worth 5% compounded quarterly, how long (to the nearest day) before an investment of $2,000 grows to $2,600? For the purpose of determining the number of days in a partial calendar quarter, assume that a full quarter has 91 days.

▸ 5 years, 3 months and 23 days

▸ 5 years, 9 months and 11 days

▸ 5 years, 6 months and 11 days

▸ 5 years, 3 months and 21 days

▸ 5 years, 3 months and 11 days

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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mnnewman

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More solutions for this book are available here

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