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April 20, 2014

Homework Help: Algebra II

Posted by Shay on Thursday, July 7, 2011 at 12:48pm.

The future value of $6000 invested for 5 years at rate r, compounded annually, is given by S=6000(1+r)^5. Find the rate r, as a percent that gives a future value of $8415.31. Round to the nearest whole percent.

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