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.
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
Section: Chapter Questions
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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Round to two decimal places

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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