$5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years? Give your answer to the nearest hundredth (two decimal places).
$5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years? Give your answer to the nearest hundredth (two decimal places).
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
Related questions
Question
1. If $5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years? Give your answer to the nearest hundredth (two decimal places).
2. Suppose $3500 is deposited in an account paying 4% interest compounded continuously for 5 years.
- Find the total amount in the account at the end of 5 years. Give your answer to the nearest hundredth (two decimal places).
Total Amount: $ = - Find the total amount of interest accrued over the 5-year period. Give your answer to the nearest hundredth (two decimal places).Interest Accrued: $ =
3. If $5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years? Give your answer to the nearest hundredth (two decimal places).
Answer: $
Transcribed Image Text:If $5,000 is invested at 3.2% annual interest compounded semiannually, how much will the investment be worth in 10 years?
Drag and drop each value into the correct location in the Compound Interest equation. Note: Not all quantities will be used.
_-_-(1 +
→
A
0.032
2
10
:: 20
:: 5000
3.2
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage