Suppose ($ 1) were invested in 1776 at (3.3 %) interest compounded yearly. (a) Approximately how much

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Suppose $\$ 1$ were invested in 1776 at $3.3 \%$ interest compounded yearly.

(a) Approximately how much would that investment be worth today: $\$ 1,000, \$ 10,000$, $\$ 100,000$, or $\$ 1,000,000$ ?

(b) What if the interest rate were $6.6 \%$ ?

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Investment Science

ISBN: 9780199740086

2nd Edition

Authors: David G. Luenberger

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Question Posted: Apr 19, 2024 02:01 AM

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Suppose ($ 1) were invested in 1776 at (3.3 %) interest compounded yearly. (a) Approximately how much

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Lets calculate the investment amount considering compound interest F...View the full answer

Investment Science

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