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20 May, 10:15

Find the rate of growth to the nearest thousandth for the amount of money accumulated if $6000 is invested at 8% interest compounded quarterly.

1 ...0824

2 ...0200

3 ...9800

4. 1.0824

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  1. 20 May, 10:58
    0
    The correct answer is Choice 2: 0.0200.

    If the interest is compounded quarterly, then it is compounded 4 times a year. To find the rate of growth, just divide 8% by 4.

    0.08 / 4 = 0.02
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