1. You deposit $8000 in an account that pays 4.5% interest compounded quarterly. A. Find the future value after one year. B. Use the future value formula for simple interest to determine the effective annual yield.
1. You deposit $8000 in an account that pays 4.5% interest compounded quarterly. A. Find the future value after one year. B. Use the future value formula for simple interest to determine the effective annual yield.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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1. You deposit $8000 in an account that pays 4.5% interest compounded quarterly.
A. Find the future value after one year.
B. Use the future value formula for simple interest to determine the effective annual yield.
2. How much more would you earn in the first investment than in the second investment?
$23,000invested for 30 years at 12%
compounded annually
$23,000 invested for 30 years at 6% compounded annually
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