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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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You deposit $100 in an account earning 7% coumpound interest for 2 years. Find the future value and the
interest earned for each of the following compounding frequencies.
Frequency
Future Value
Interest Earned
Semiannually:
114.7523
14.7523
Quarterly:
114.888
14.888
Monthly:
114.980
14.980
Daily:
115.0258
15.0258
Continuosly:
405.5199
305.5199
Transcribed Image Text:You deposit $100 in an account earning 7% coumpound interest for 2 years. Find the future value and the interest earned for each of the following compounding frequencies. Frequency Future Value Interest Earned Semiannually: 114.7523 14.7523 Quarterly: 114.888 14.888 Monthly: 114.980 14.980 Daily: 115.0258 15.0258 Continuosly: 405.5199 305.5199
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