Consider the expression (1.0045)^(4t) that represents the interest earned on a money market account, where t is time in years. Part A: Estimate the yearly interest rate. Round your answer to the nearest hundredth. Part B: Estimate the monthly interest rate. Round your answer to the nearest hundredth. Part C: If a client invests $4,000 and decides to not touch his money market account for 30 years, how much money would be in the account at the end of the 30 years?
Consider the expression (1.0045)^(4t) that represents the interest earned on a money market account, where t is time in years. Part A: Estimate the yearly interest rate. Round your answer to the nearest hundredth. Part B: Estimate the monthly interest rate. Round your answer to the nearest hundredth. Part C: If a client invests $4,000 and decides to not touch his money market account for 30 years, how much money would be in the account at the end of the 30 years?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Consider the expression (1.0045)^(4t) that represents the interest earned on a money market account, where t is time in years.
Part A: Estimate the yearly interest rate. Round your answer to the nearest hundredth.
Part B: Estimate the monthly interest rate. Round your answer to the nearest hundredth.
Part C: If a client invests $4,000 and decides to not touch his money market account for 30 years, how much money would be in the account at the end of the 30 years?
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