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1. Max deposits $3,700 at 4.75% interest, compounded P 3700 a. What is his ending balance? 20475 +-4 0²-271828 (10475X4) B-37002221590M

1. Max deposits $3,700 at 4.75% interest, compounded P 3700 a. What is his ending balance? 20475 +-4 0²-271828 (10475X4) B-37002221590M

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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3.6 Continuous Compounding 1. Max deposits $3,700 at 4.75% interest, compounded continuously for four years. P 3700 a. What is his ending balance? 0475 +-4 22,11828 B-3700(2 (10475X4) TB-447770 b. How much interest did the account earn? 2. Find the interest earned on a $21,000 balance for ten months at 43% interest compounded continuously.
Transcribed Image Text:3.6 Continuous Compounding 1. Max deposits $3,700 at 4.75% interest, compounded continuously for four years. P 3700 a. What is his ending balance? 0475 +-4 22,11828 B-3700(2 (10475X4) TB-447770 b. How much interest did the account earn? 2. Find the interest earned on a $21,000 balance for ten months at 43% interest compounded continuously.
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