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An alternative to using logarithms to determine the amount oftime that it would take for a lump-sum investment at a particularcompound interest rate to grow to a certain value would be to use aspreadsheet to list the value of the investment after eachcompounding period for as many times as is necessary. Suppose thatyou receive $1,000 as a gift and decide to invest it in a fund thatpays a particular interest rate compounded quarterly. (6.91%compounded quarterly). Determine how long it will take for thisinvestment to grow to $8,000 by showing the value of the investmentafter each compounding period. Include columns showing the periodnumber, the length of time that has passed, and the amount in theaccount at the end of each period (you may want to includeadditional columns depending on your set-up). You may stop theprocess once you get to the first value for the amount in theaccount at the end of a period that is $8,000 or above.
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