Mr. and Mrs. Sanchez want to invest money for their child's college education. They have decided to invest $2000 initially. If the investment is in an account that earns 8% annual interest, compounded yearly for 10 years, how much will their investment be worth at the end of the 10th year? (Hint: $2000 is a,, think about a₁ as the value of the account at end of the 1st year.)

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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Mr. and Mrs. Sanchez want to invest money for their
child's college education. They have decided to invest
$2000 initially. If the investment is in an account that
earns 8% annual interest, compounded yearly for 10
years, how much will their investment be worth at the
end of the 10th year? (Hint: $2000 is a,, think about a₁
as the value of the account at end of the 1st year.)
Transcribed Image Text:Mr. and Mrs. Sanchez want to invest money for their child's college education. They have decided to invest $2000 initially. If the investment is in an account that earns 8% annual interest, compounded yearly for 10 years, how much will their investment be worth at the end of the 10th year? (Hint: $2000 is a,, think about a₁ as the value of the account at end of the 1st year.)
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