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Laura invests \(\dollar\)8000 in a savings account that pays a nominal annual interest rate of 4.2\(\pourcent\), compounded annually. The value of her investment, \(V\), after \(t\) years is given by the formula \(V(t) = 8000(1.042)^t\).
Find the value of Laura's investment after 7 years. Give your answer to two decimal places.
Determine the number of years it will take for the value of the investment to exceed \(\dollar\)15,000.
Marco also invests in an account with an initial amount of \(\dollar\)7500. After 10 years, his investment is worth \(\dollar\)11,000. Assuming the interest is also compounded annually, find the annual interest rate for Marco's investment.
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