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2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.

2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.
Transcribed Image Text:2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.
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