A deposit of $5000 earns 3% annual interest. Find the amount in the account at the end of 5 years and the amount of interest earned during the 5 years if the interest is compoun nt = P(₁ + = ™¹² Choose the correct formula from A=P| 1+ or A= Pet The amount in the account at the end of 5 years is $ if the interest is compounded monthly. Round to two decimal places as needed.) The amount of interest earned during the 5 years is $ Type an integer or decimal rounded to two decimal places as needed.) C...

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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A deposit of $5000 earns 3% annual interest. Find the amount in the account at the end of 5 years and the amount of interest earned during the 5 years if the interest is compounded monthly.
nt
=P ( ₁ + = 1) ™ ²0
Choose the correct formula from A = P
or A = Pet
The amount in the account at the end of 5 years is $ if the interest is compounded monthly.
(Round to two decimal places as needed.)
The amount of interest earned during the 5 years is $
(Type an integer or decimal rounded to two decimal places as needed.)
C
Transcribed Image Text:A deposit of $5000 earns 3% annual interest. Find the amount in the account at the end of 5 years and the amount of interest earned during the 5 years if the interest is compounded monthly. nt =P ( ₁ + = 1) ™ ²0 Choose the correct formula from A = P or A = Pet The amount in the account at the end of 5 years is $ if the interest is compounded monthly. (Round to two decimal places as needed.) The amount of interest earned during the 5 years is $ (Type an integer or decimal rounded to two decimal places as needed.) C
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