Can u plz help me! A savings account pays a 3% nominal annual interest rate andhas a balance of $1,000. Any interest earned is deposited intothe account and no further deposits or withdrawals are made.1) Write an expression that represents the balance in one year ifinterest is compounded annually.2) If interest is compounded semi-annually (every six months),what interest rate would be used for each calculation?

Name: Can u plz help me! A savings account pays a 3% nominal annual interest
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Description: Can u plz help me! A savings account pays a 3% nominal annual interest rate andhas a balance of $1,000. Any interest earned is deposited intothe account and no further deposits or withdrawals are made.1) Write an expression that represents the balanc

Given :rate of interest(r)=3% per annum=3100=0.03% Principal amountP=$1000To find:1)…

Answered: A savings account pays a 3% nominal…

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,...

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Can u plz help me!

A savings account pays a 3% nominal annual interest rate and
has a balance of $1,000. Any interest earned is deposited into
the account and no further deposits or withdrawals are made.
1) Write an expression that represents the balance in one year if
interest is compounded annually.
2) If interest is compounded semi-annually (every six months),
what interest rate would be used for each calculation?

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Step 1

$Given :rate of interest (r) = 3 % per annum= \frac{3}{100} =0.03% Principal amount (P) = $ 1000 To find: 1) Expression that represent the balance in one year if interest is compounded annualy. 2) If interest is compounded semi-annually (every six months) what interest rate would be used for each calculation ?$

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