An Initial Investment of $300 Grows at an Annual Rate

question 117

Short Answer

An initial investment of $300 grows at an annual rate of 4.5% compounded bimonthly.Find how long it takes for the investment to amount to $450.

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Definitions:

John Cabot

A Venetian navigator and explorer who, under the commission of Henry VII of England, led an expedition in 1497 that is believed to have been the first European exploration of the mainland of North America since the Norse.

All-Water Route

A navigational path that is exclusively through bodies of water, often sought for trade, exploration, or military purposes to avoid land-based challenges.

Black Slavery

The forced labor and enslavement of African people and their descendants, predominantly in the Americas, from the 16th to the 19th century.

Portuguese

Relating to Portugal or its people, language, or culture.