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Define the value of the investment

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Reference no: EM131636940

Question: The rate of increase of money at a bank is proportional to the amount invested. If the proportionality constant is 6.3% per year, and $3400 is invested initially:

(a) What is the accumulation at the end of 6½years?

(b) How long will it take until the value of the investment is $4950?

Reference no: EM131636940

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