What interest rate compounded daily (365 days/year) is required for a $24,000 investment to grow to $38,500 in 4 years? %
The amount $24,000 will grow to $38,500, if the interest rate would be
(Do not round until the final answer. Round to the nearest hundredth.)

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step-by-step explanation:

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step-by-step explanation:

step-by-step explanation:

this can be solved first with pythagorean theorem, which tells us to square both legs of the triangle and sum it. this will be equal to the square of the hypotenuse.

the hypotenuse is the side "opposite" the 90 degree angle, which is x.

so we can write using pythagorean theorem,

simplifying:

to further simplify this radical, we need to use the property  

thus