Asked by Sonia Ramirez

Stocks in a certain industry depreciated by 5.6% in the first 8 months of 1993. Assuming that this trend were to continue, how much (in dollars) would a $70,000 investment be worth in 8 years? [HINT: Eight years corresponds to 12 eight-month periods.] (Round your answer to the nearest cent.)
Answered by oobleck
70000 * 1.056^12 = 134,606.20
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