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2.6 Applications: Growth and Decay; Mathematics of Finances 1. A couple wants to have $50,000 in 5 years for a down payment on a new house. (a) How much should they deposit today, at 6.2% compounded quarterly, to have the required amount in 5 years? (b) How much interest will be earned? (c) If they can deposit only $30,000 now, how much more will they need to complete the $50,000 after 5 years? Note, this is not 50,000-P3.

2.6 Applications: Growth and Decay; Mathematics of Finances 1. A couple wants to have $50,000 in 5 years for a down payment on a new house. (a) How much should they deposit today, at 6.2% compounded quarterly, to have the required amount in 5 years? (b) How much interest will be earned? (c) If they can deposit only $30,000 now, how much more will they need to complete the $50,000 after 5 years? Note, this is not 50,000-P3.

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 23E
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2.6 Applications: Growth and Decay; Mathematics of Finances 1. A couple wants to have $50,000 in 5 years for a down payment on a new house. (a) How much should they deposit today, at 6.2% compounded quarterly, to have the required amount in 5 years? (b) How much interest will be earned? (c) If they can deposit only $30,000 now, how much more will they need to complete the $50,000 after 5 years? Note, this is not 50,000-P3.
Transcribed Image Text:2.6 Applications: Growth and Decay; Mathematics of Finances 1. A couple wants to have $50,000 in 5 years for a down payment on a new house. (a) How much should they deposit today, at 6.2% compounded quarterly, to have the required amount in 5 years? (b) How much interest will be earned? (c) If they can deposit only $30,000 now, how much more will they need to complete the $50,000 after 5 years? Note, this is not 50,000-P3.
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