licia invested $30,000. Each year, 4% of the current year's account value is earned in interest (compound intere Part 1 of 2 (a) What growth factor will be used to calculate the amount of interest each year? The growth factor is 1.04 Part: 1/2 Part 2 of 2 (b) What will be the total value of the account after seven years? Round to the nearest cent.

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ISBN:9780470458365
Author:Erwin Kreyszig
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Alicia invested $30,000. Each year, 4% of the current year's account value is earned m interest (compound interest).
Part 1 of 2
(a) What growth factor will be used to calculate the amount of interest each year?
The growth factor is 1.04
Part: 1 / 2
Part 2 of 2
1516540
The total value of the account after seven years will be $
(b) What will be the total value of the account after seven years? Round to the nearest cent.
2007 625
X
Transcribed Image Text:Alicia invested $30,000. Each year, 4% of the current year's account value is earned m interest (compound interest). Part 1 of 2 (a) What growth factor will be used to calculate the amount of interest each year? The growth factor is 1.04 Part: 1 / 2 Part 2 of 2 1516540 The total value of the account after seven years will be $ (b) What will be the total value of the account after seven years? Round to the nearest cent. 2007 625 X
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