Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
Prairie Graine Cooperative wants to invest $49,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month form (a) How much would Prairie Grains receive if the $49,000 is invested for one year? (b) How much would Prairie Grains receive at the end of one year if the $49,000 is invested for six months and then the principal and interest eamed is reinvested for another six months? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)? (a) After one year, Prairie Grains will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Prairie Grains will have (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) The one-year rate to yield the same amount of interest as the investment described in part (b) is (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed)

Prairie Graine Cooperative wants to invest $49,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month form (a) How much would Prairie Grains receive if the $49,000 is invested for one year? (b) How much would Prairie Grains receive at the end of one year if the $49,000 is invested for six months and then the principal and interest eamed is reinvested for another six months? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)? (a) After one year, Prairie Grains will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Prairie Grains will have (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) The one-year rate to yield the same amount of interest as the investment described in part (b) is (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed)

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
See similar textbooks
icon
Related questions
Question
Prairie Grains Cooperative wants to invest $49,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month form (a) How much would Prairie Grains receive if the $49,000 is invested for one year? (b) How much would Prairie Grains receive at the end of one year if the $49,000 is invested for six months and then the principal and interest eamed is reinvested for another six months? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)? (a) After one year, Prairie Grains will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Prairie Grains will have (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) The one-year rate to yield the same amount of interest as the investment described in part (b) is (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed)
Transcribed Image Text:Prairie Grains Cooperative wants to invest $49,000 in a short-term deposit. The bank offers 2.8% interest for a one-year term and 2.7% for a six-month form (a) How much would Prairie Grains receive if the $49,000 is invested for one year? (b) How much would Prairie Grains receive at the end of one year if the $49,000 is invested for six months and then the principal and interest eamed is reinvested for another six months? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)? (a) After one year, Prairie Grains will have $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) One year after the initial investment, Prairie Grains will have (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (e) The one-year rate to yield the same amount of interest as the investment described in part (b) is (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed)
Expert Solution
steps

Step by step

Solved in 4 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Functions and Change: A Modeling Approach to Coll…
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS