Determine the amount of money accumulated after 15 years if $1, 000 is invested in an account that pays 10 % interest compounded monthly. Round to the nearest cent.
Determine the amount of money accumulated after 15 years if $1, 000 is invested in an account that pays 10 % interest compounded monthly. Round to the nearest cent.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Transcribed Image Text:When a particular amount of money P, called the principal, is invested at the interest rate r and is compounded
n times a year, the amount A accumulated after t years is
nt
A(t) = P(1+ )"
n
Determine the amount of money accumulated after 15 years if $1, 000 is invested in an account that pays 10 %
interest compounded monthly. Round to the nearest cent.
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