1) Consider an investment of $3000 at 2% compounded monthly. Find the amount in the account after 4 years if no more deposits are made. "The account balance after 4 years will be.

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
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Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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**Financial Calculations Exercise**

1) Consider an investment of $3000 at 2% compounded monthly. Find the amount in the account after 4 years if no more deposits are made.
   
   “The account balance after 4 years will be ………………”

2) You deposit $100 *every month* in an account paying 1% annual rate compounded monthly. How much money will you have after 10 years?

   “The account balance after 10 years will be ………………”

3) The price of a house is $500,000. You make a down payment of $50,000 and take a 30-year mortgage at 4% annual rate to pay for the rest.
   
   a) What is your monthly payment?

   “The monthly payment is ………………”
Transcribed Image Text:**Financial Calculations Exercise** 1) Consider an investment of $3000 at 2% compounded monthly. Find the amount in the account after 4 years if no more deposits are made. “The account balance after 4 years will be ………………” 2) You deposit $100 *every month* in an account paying 1% annual rate compounded monthly. How much money will you have after 10 years? “The account balance after 10 years will be ………………” 3) The price of a house is $500,000. You make a down payment of $50,000 and take a 30-year mortgage at 4% annual rate to pay for the rest. a) What is your monthly payment? “The monthly payment is ………………”
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