Question: Question 2 i. How many years will it take for an investment of $7,500 to grow to $23,000 if it is invested at 8% annually?

Question 2 i. How many years will it take for an

investment of $7,500 to grow to $23,000 if it is invested at

Question 2 i. How many years will it take for an investment of $7,500 to grow to $23,000 if it is invested at 8% annually? At what rate of interest must your savings of $10,000 be compounded annually for it to grow to $22,000 in 8 years? ii. (2.5+2.5-5 marks) Question 2 i. How many years will it take for an investment of $7,500 to grow to $23,000 if it is invested at 8% annually? At what rate of interest must your savings of $10,000 be compounded annually for it to grow to $22,000 in 8 years? ii. (2.5+2.5-5 marks)

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