1) Merle Fonda opened a new savings account. She deposited $40,000 at 10% compounded semiannually. At the start of the fourth year, Merle deposits an additional $20,000 that is also compounded semiannually at 10%. At the end of six years, the balance in Merle's account is

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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1) Merle Fonda opened a new savings account. She deposited $40,000 at 10% compounded
semiannually. At the start of the fourth year, Merle deposits an additional $20,000 that is
also compounded semiannually at 10%. At the end of six years, the balance in Merle's
1)
account is
A) $73,604.15
B) $98,636.17
C) $53,604.12
D) $93,600.16
Transcribed Image Text:1) Merle Fonda opened a new savings account. She deposited $40,000 at 10% compounded semiannually. At the start of the fourth year, Merle deposits an additional $20,000 that is also compounded semiannually at 10%. At the end of six years, the balance in Merle's 1) account is A) $73,604.15 B) $98,636.17 C) $53,604.12 D) $93,600.16
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