nt Jse the compound interest formulas A = P 1+ and A = Pe" to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $20,000 for 7 years at an interest rate of 4.5% if the money is a. compounded semiannually; b. compounded quarterly; o compounded monthly; d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? Round your answer to the nearest cent. Do not include the $ symbol in your answer.) p.What is the accumulated value if the money is compounded quarterly? Round your answer to the nearest cent. Do not include the $ symbol in your answer.) C. What is the accumulated value if the money is compounded monthly? Round your answer to the nearest cent. Do not include the $ symbol in your answer.)

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Use the compound interest formulas A = P|1+ -
and A = Pe" to solve the problem given. Round answers to the nearest cent.
Find the accumulated value of an investment of $20,000 for 7 years at an interest rate of 4.5% if the money is a. compounded semiannually; b. compounded quarterly; c.
compounded monthly; d. compounded continuously.
a. What is the accumulated value if the money is compounded semiannually?
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
b.What is the accumulated value if the money is compounded quarterly?
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
c. What is the accumulated value if the money is compounded monthly?
(Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
Enter your answer in each of the answer boxes.
Transcribed Image Text:nt Use the compound interest formulas A = P|1+ - and A = Pe" to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $20,000 for 7 years at an interest rate of 4.5% if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly; d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b.What is the accumulated value if the money is compounded quarterly? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) c. What is the accumulated value if the money is compounded monthly? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) Enter your answer in each of the answer boxes.
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