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How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% simple interest. Round your answer to the nearest cent. $

How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% simple 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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How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% simple interest. Round your answer to the nearest cent. $
Transcribed Image Text:How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 7% simple interest. Round your answer to the nearest cent. $
Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1800 at a 2.8% simple annual interest rate. How long, in years, was your money invested? nearest hundredth of a year. State your result to the
Transcribed Image Text:Suppose you have $2500 in your savings account at the end of a certain period of time. You invested $1800 at a 2.8% simple annual interest rate. How long, in years, was your money invested? nearest hundredth of a year. State your result to the
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