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Determine x for ray

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Problem 1: Ray deposits 100 in a fund paying interest at an annual effective rate of 3X% for the first 6 years and X% for the next 11 years. He reinvests the interest earned at the end of each year in another fund crediting interest at 5% effective. At the end of 17 years, the accumulated value of his original deposit and his reinvested interest is 212. Determine X.

Reference no: EM132942684

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