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48

Step-by-step Answer
PAGE: 320SET: ExercisesPROBLEM: 48
Please look in your text book for this problem Statement

A business purchased for $650,000 in 2005 is sold in 2008 for $850,000

The Prinicipal Income is   .

The total amount is .

Time period is years .

Find the rate of interest when compounded annually.

.

For annually compounded .

Substitute all the values in the equation.

Therefore,the rate of interest is

The rate of interest is .



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