Finite Mathematics Quiz
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MATHEMATICS OF FINANCE
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An initial investment of $8,000 is placed in an account for 4 years at an annual rate of 5% compounded quarterly. The entire balance is then immediately reinvested in a different account for 3 more years, compounded semi-annually. If the final balance after the full 7-year period is $12,750, what was the approximate annual interest rate on the second account?
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