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    Exam 9: Compound Interest: Further Topics and Applications
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    A $5,000 Investment Was Purchased for $4220
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A $5,000 Investment Was Purchased for $4220

Question 323

Question 323

Short Answer

A $5,000 investment was purchased for $4220.50. The bond paid interest at a rate of 3.8% compounded semi-annually until the maturity date. What was the term of the investment?

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