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Consider an investment where $43,000 is invested for 15 years at 6% compounded continuously. How much will this investment be worth after 15 years? (Round your answer to the nearest cent.) $ What is the total amount earned in compound interest? (Round your answer to the nearest cent.) $

Consider an investment where $43,000 is invested for 15 years at 6% compounded continuously. How much will this investment be worth after 15 years? (Round your answer to the nearest cent.) $ What is the total amount earned in compound interest? (Round your answer to the nearest cent.) $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Consider an investment where $43,000 is invested for 15 years at 6% compounded continuously. How much will this investment be worth after 15 years? (Round your answer to the nearest cent.) $ What is the total amount earned in compound interest? (Round your answer to the nearest cent.) $
Transcribed Image Text:Consider an investment where $43,000 is invested for 15 years at 6% compounded continuously. How much will this investment be worth after 15 years? (Round your answer to the nearest cent.) $ What is the total amount earned in compound interest? (Round your answer to the nearest cent.) $
An individual entering the workforce plans to make monthly contributions to a retirement account in the amount of $210 beginning at the end of next month and continuing for the next 40 years. (a) If the retirement account earns 10% compounded monthly, find the amount expected in the retirement account at the end of 40 years. Round to the nearest penny. (b) If the retirement account charges a maintenance fee of 2% each year, the net interest rate earned by the retiree becomes 8%. Find the amount expected in the retirement account. Round to the nearest penny. (c) Compare the answers from part (a) and part (b) above to determine the total percent lost by the retiree due to the fee. Round your answer to two decimal places. %
Transcribed Image Text:An individual entering the workforce plans to make monthly contributions to a retirement account in the amount of $210 beginning at the end of next month and continuing for the next 40 years. (a) If the retirement account earns 10% compounded monthly, find the amount expected in the retirement account at the end of 40 years. Round to the nearest penny. (b) If the retirement account charges a maintenance fee of 2% each year, the net interest rate earned by the retiree becomes 8%. Find the amount expected in the retirement account. Round to the nearest penny. (c) Compare the answers from part (a) and part (b) above to determine the total percent lost by the retiree due to the fee. Round your answer to two decimal places. %
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