At the beginning of each of the last three years, Lucas put $7,000 from his earnings as a waiter into a college savings account that earned 1.7% interest compounded annually. Now he will spend an estimated $21,600 to attend his local community college for 2 years and not take out a student loan. Complete the table to determine whether Lucas has saved enough money to attend community college. Year 2 3 Beginning balance $0 Amount deposited $7,000 $7,000 $7,000 New balance $7,000 Amount of interest earned$ Ending balance $ $ Lucas (select) v enough money to attend community college. %24 %24 %24 %24

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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9 Concept 1: Competition & Dep x
9 16.4 Savings plan homework u x
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9 Paired Selections - STAAR Prep x
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Lesson 16.4 - Homework-Homework
3
6 7
Round your answers to two decimal places, if necessary.
At the beginning of each of the last three years, Lucas put $7,000 from his earnings as a waiter into a
college savings account that earned 1.7% interest compounded annually. Now he will spend an
estimated $21,600 to attend his local community college for 2 years and not take out a student loan.
Complete the table to determine whether Lucas has saved enough money to attend community college.
2
3
Year
1
Beginning balance
$0
Amount deposited
$7,000
$7,000
$7,000
New balance
$7,000
$
Amount of interest earneds
Ending balance
$
Lucas (select)
v enough money to attend community college.
v Check Answer
Ne
Question 5 of 8
P Search
ILLUCH
Transcribed Image Text:9 Concept 1: Competition & Dep x 9 16.4 Savings plan homework u x Login - Powered by Skyward 9 Paired Selections - STAAR Prep x A my.hrw.comAwwtb/api/viewer.pl O Personal Math Trainer Lesson 16.4 - Homework-Homework 3 6 7 Round your answers to two decimal places, if necessary. At the beginning of each of the last three years, Lucas put $7,000 from his earnings as a waiter into a college savings account that earned 1.7% interest compounded annually. Now he will spend an estimated $21,600 to attend his local community college for 2 years and not take out a student loan. Complete the table to determine whether Lucas has saved enough money to attend community college. 2 3 Year 1 Beginning balance $0 Amount deposited $7,000 $7,000 $7,000 New balance $7,000 $ Amount of interest earneds Ending balance $ Lucas (select) v enough money to attend community college. v Check Answer Ne Question 5 of 8 P Search ILLUCH
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