SOLUTION: An investment grows according to the following rule. Next month's balance = 1.003 ✕ the current balance. Find the percentage increase for one year.

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Question 1168376: An investment grows according to the following rule.
Next month's balance = 1.003 ✕ the current balance.
Find the percentage increase for one year.
Answer by ikleyn(52852) About Me  (Show Source):
You can put this solution on YOUR website!
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The percentage increase for one year = %28%281.003%29%5E12-1%29%2A100 = 3.66%.    ANSWER