Homework Help is Here – Start Your Trial Now!
Math
Algebra
If the Annual Percentage Rate (APR) for a savings account is 1% compounded monthly, use the equation r nt A(t) = P(1 + to answer the following: a) For a principal of $9000, how much is in the account after 9 years? (Round to the nearest cent) $ b) If the original principal was $9000 and the account now has $18000, how many years have passed since the original investment, assuming no other additions or withdrawals have been made? years (Rounded to the nearest year) c) What principal should be invested now so that the account balance is $9000 in 3 years? $ (Rounded to the nearest cent)

If the Annual Percentage Rate (APR) for a savings account is 1% compounded monthly, use the equation r nt A(t) = P(1 + to answer the following: a) For a principal of $9000, how much is in the account after 9 years? (Round to the nearest cent) $ b) If the original principal was $9000 and the account now has $18000, how many years have passed since the original investment, assuming no other additions or withdrawals have been made? years (Rounded to the nearest year) c) What principal should be invested now so that the account balance is $9000 in 3 years? $ (Rounded to the nearest cent)

Algebra and Trigonometry (6th Edition)
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,...
See similar textbooks
icon
Related questions
Question
If the Annual Percentage Rate (APR) for a savings account is 1 % compounded monthly, use the equation nt A(t) = P(1 + F)" to answer the following: a) For a principal of $9000, how much is in the account after 9 years? (Round to the nearest cent) $ b) If the original principal was $9000 and the account now has $18000, how many years have passed since the original investment, assuming no other additions or withdrawals have been made? years (Rounded to the nearest year) c) What principal should be invested now so that the account balance is $9000 in 3 years? $ (Rounded to the nearest cent)
Transcribed Image Text:If the Annual Percentage Rate (APR) for a savings account is 1 % compounded monthly, use the equation nt A(t) = P(1 + F)" to answer the following: a) For a principal of $9000, how much is in the account after 9 years? (Round to the nearest cent) $ b) If the original principal was $9000 and the account now has $18000, how many years have passed since the original investment, assuming no other additions or withdrawals have been made? years (Rounded to the nearest year) c) What principal should be invested now so that the account balance is $9000 in 3 years? $ (Rounded to the nearest cent)
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS