Austin invested $200 in an account paying an interest rate of 6.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 15 years?
Austin invested $200 in an account paying an interest rate of 6.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 15 years?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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![Austin invested $200 in an account paying
an interest rate of 6.1% compounded
quarterly. Assuming no deposits or
withdrawals are made, how much money,
to the nearest ten dollars, would be in the
account after 15 years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe873c02a-f2e1-4ce5-baff-96fe22c49714%2F46be3797-d4cc-42e0-abbe-cb8558efea9e%2F8sgynen_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Austin invested $200 in an account paying
an interest rate of 6.1% compounded
quarterly. Assuming no deposits or
withdrawals are made, how much money,
to the nearest ten dollars, would be in the
account after 15 years?
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