At the beginning of year 1, Chantelle deposited $25,000.00 in an investment account that pays 5.00% interest compounded quarterly. At the beginning of year 5, she decided to invest an additional $50,000 into the same account at the same rate. What will the account balance be at the beginning of year 10? O a. $117,295.79 O b. $116,472.71 O c. $103,200.46 O d. $123,271.46

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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At the beginning of year 1, Chantelle deposited $25,000.00 in an investment account that pays 5.00% interest
compounded quarterly. At the beginning of year 5, she decided to invest an additional $50,000 into the same account
at the same rate. What will the account balance be at the beginning of year 10?
O a. $117,295.79
O b. $116,472.71
O c. $103,200.46
O d. $123,271.46
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24
ASUS
Transcribed Image Text:At the beginning of year 1, Chantelle deposited $25,000.00 in an investment account that pays 5.00% interest compounded quarterly. At the beginning of year 5, she decided to invest an additional $50,000 into the same account at the same rate. What will the account balance be at the beginning of year 10? O a. $117,295.79 O b. $116,472.71 O c. $103,200.46 O d. $123,271.46 Type here to search 24 ASUS
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