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Q5) The value A after t years of an investment of principal P paying interest at an annual rate r with interest compounded n times a year: (1) To the nearest cent how much money will you have in bank if you invested $8200 at 6.2 % 1. a) compounded monthly at end of 35 years 1. b) compounded daily at end of 35 years

Q5) The value A after t years of an investment of principal P paying interest at an annual rate r with interest compounded n times a year: (1) To the nearest cent how much money will you have in bank if you invested $8200 at 6.2 % 1. a) compounded monthly at end of 35 years 1. b) compounded daily at end of 35 years

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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**Investment and Interest Problems** **Q5) Calculating Future Value of Investments** The value \( A \) after \( t \) years of an investment of principal \( P \) paying interest at an annual rate \( r \) with interest compounded \( n \) times a year: **(i) To the nearest cent, how much money will you have in the bank if you invested $8,200 at 6.2%:** 1. a) compounded monthly at the end of 35 years 1. b) compounded daily at the end of 35 years **(ii) What would be the annual interest rate needed to triple over ten years an initial $5,000 investment compounded quarterly.** *(Express your answer accurate to the nearest percent.)*
Transcribed Image Text:**Investment and Interest Problems** **Q5) Calculating Future Value of Investments** The value \( A \) after \( t \) years of an investment of principal \( P \) paying interest at an annual rate \( r \) with interest compounded \( n \) times a year: **(i) To the nearest cent, how much money will you have in the bank if you invested $8,200 at 6.2%:** 1. a) compounded monthly at the end of 35 years 1. b) compounded daily at the end of 35 years **(ii) What would be the annual interest rate needed to triple over ten years an initial $5,000 investment compounded quarterly.** *(Express your answer accurate to the nearest percent.)*
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