Nathan is thinking about opening a CD account with $32000. An investment company is offering 6.3% annual interest rate compounded monthly over 5-year period. If Nathan decides to open a CD account with the company, which formula will you use to help you figure out the interest that he will earn at the end of the 5-year period? Express the amount in two decimal places. For example, 23.45, or 57.20, or 89.00. Formula 1: A = P(1+rt) Formula 2: n-t = P(1+)** Formula 3: A = Pert (Enter the number only) Your choice of the formula number is What value will you use for the interest rate in the formula? The value that I will use is To the nearest penny, the amount of interest he will earn at the end of 5-year period is $

Q: Sam invests $4,000 in an account that compounds interest continuously and earns 5.5%. How long will…

A: formula for compound interest is  A=Pertwhere A is final amountP is initial amount r is rate t is…

Q: $10,000 is deposited for 2 years in an account that earns 5% interest.  calculate the simple…

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Q: The future dollars of an investment at the end of 8 years is $ 132,000. Its today’s dollars is $…

A: INTEREST PAID BY BANK AT THE END OF 8YEAR=$132000-$76825=$55175 REAL RSTE OF INTEREST OF…

Q: Dylan takes out a bank loan of $11,500 at 3.8% interest compounded annually. How much interest, in…

A: Given data is : Loan P=$11500 Interest rate r=3.8%, compounded annually. Time t=3 years To find the…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

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Q: 17. Dennis just inherited $10,000 from a distant relative who passed away. After spending $2,000 on…

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Q: Which expression shows the value of a $ 2500 investment after it has grown by 4.5% per year for 12…

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Q: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

A: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

Q: Find the original investment in an account if the final amount of money is $8296. It was invested in…

A: Given amount=$8296

Q: Taylor starts an IRA (Individual Retirement Account) at the age of 26 to save for retirement. She…

A: The future value of the investment in the IRA is given by the formula:Here,P is the periodic deposit…