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a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years.

a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question 1. a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years. Explain your solutions.
Transcribed Image Text:Question 1. a. If you deposit 3500 dollars into an account with an APR of 8% compounded quarterly, how long you should wait until there is 5000 dollars in the account? b. You are thinking to buy a car 10 years from today. At that time, you expect the car to cost 60'000 dollars. You currently have 15'000 dollars to invest. What must be an APR of the investment account compounded monthly so that you can buy the car in 10 years? c. Assume you invest into an account with an APR of 5% compounded annually. Calculate the present value of an investment that pays 200 dollars every two years. Explain your solutions.
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