a) You want to have a total of $4000 in two years so that you can put a hot tub on you deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years?

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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a) You want to have a total of $4000 in two years so that you can put a hot tub on your
deck. You find an account that pays 5% interest compounded monthly. How much
should you put into this account so that you will have $4000 at the end of two
years?
b) Celia plans to put her graduation money into an account and leave it there for 4
years while she goes to college. She receives $750 in graduation money that she
puts it into an account that earns 4.25% interest compounded semi-annually. How
much will be in Celia's account at the end of four years?
Transcribed Image Text:a) You want to have a total of $4000 in two years so that you can put a hot tub on your deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years? b) Celia plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money that she puts it into an account that earns 4.25% interest compounded semi-annually. How much will be in Celia's account at the end of four years?
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