A credit card company wants your business, you accept their offer and use their card, the will deposit 1% of your monetary transaction into a savings account that will earn a guaranteed 5% per year. If your annual transactions total an average of 20,000. How much will you have in this savings plan after 15 vears?
A credit card company wants your business, you accept their offer and use their card, the will deposit 1% of your monetary transaction into a savings account that will earn a guaranteed 5% per year. If your annual transactions total an average of 20,000. How much will you have in this savings plan after 15 vears?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A credit card company wants your business, If
you accept their offer and use their card, they
will deposit 1% of your monetary transactions
into a savings account that will earn a
guaranteed 5% per year. If your annual
transactions total an average of 20,000. How
much will you have in this savings plan after
15 years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f064127-5f84-412f-b5de-cdec0b383936%2F7618bdee-fb84-4c61-ba86-5f14e58ee3f0%2Fpr12fbd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A credit card company wants your business, If
you accept their offer and use their card, they
will deposit 1% of your monetary transactions
into a savings account that will earn a
guaranteed 5% per year. If your annual
transactions total an average of 20,000. How
much will you have in this savings plan after
15 years?
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