9. Suppose you want to have $100,000 in an account after 20 years with an interest rate of 5.75%. a) How much would you need to deposit if the interest is compounded semianually? b) How much would you need to deposit if the interest is compounded continuously? c) How much would you need to deposit if we have simple interest? d) Which one ( part a, part b, part c) has the lowest deposit?
9. Suppose you want to have $100,000 in an account after 20 years with an interest rate of 5.75%. a) How much would you need to deposit if the interest is compounded semianually? b) How much would you need to deposit if the interest is compounded continuously? c) How much would you need to deposit if we have simple interest? d) Which one ( part a, part b, part c) has the lowest deposit?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
Related questions
Question
9. Suppose you want to have $100,000 in an account after 20 years with an interest rate of
5.75%.
|
a) How much would you need to deposit if the interest is compounded semianually? |
|
b) How much would you need to deposit if the interest is compounded continuously? |
|
c) How much would you need to deposit if we have simple interest? |
|
d) Which one ( part a, part b, part c) has the lowest deposit? |
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