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Consumer Mathematics - Compound Interest (Posted on 2006-10-04) Difficulty: 2 of 5
A boy invests a sum of $4000 on his 10th birthday in the year 1996, with an annual interest rate of 7%, compounded every six months. During some stage of the investment, the interest rate changes to an annual rate of 6%, still compounded every six months. On the boy's 18th birthday, the boy checks his account to see a sum of $6770. At what point in time did the interest rate change from 7% to 6%?

No Solution Yet Submitted by Chris, PhD    
Rating: 3.7500 (4 votes)

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  Subject Author Date
Some ThoughtsNo SubjectAnsh2006-10-07 15:05:33
re: analytic solutiongeorge kirklin2006-10-05 13:25:58
re: analytic solutionLeming2006-10-04 12:20:54
Solutionanalytic solutionCharlie2006-10-04 11:08:24
Some ThoughtsI love to excelLeming2006-10-04 10:35:13
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