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OpenStudy (adamaero):
$500000 increases in value each year. If it doubles in 7 years, what's the yearly rate of return? MEDAL
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OpenStudy (adamaero):
@eliassaab
OpenStudy (adamaero):
I assumed 10.5%, but how?
OpenStudy (anonymous):
Solve \[ (r+1)^7=2 \] to get r=0.10409 which is 10.409 %
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