Ramon won 30, 000 in a mathematics quiz bee. He deposited it in the bank, which gave 2% interest compounded annually. a. Assuming he did not deposit or withdraw for a period of 4 years, how much will his: money be by then? 31,S b. If he continues to make no deposits nor withdraws, about how long will it take to accumulate ES0, 2027 Waud nee arher 23 M0PE

Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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1. Ramon won 30, 000 in a mathematics quiz bee. He deposited it in the bank, which gave
2% interest compounded annually.
a. Assuming he did not deposit or withdraw for a period of 4 years, how much will his
money be by then? Sk
b. If he continues to make no deposits nor withdraws, about how long will it take to
accumulate 50, 2027 Waud e Arher 23 more
Transcribed Image Text:1. Ramon won 30, 000 in a mathematics quiz bee. He deposited it in the bank, which gave 2% interest compounded annually. a. Assuming he did not deposit or withdraw for a period of 4 years, how much will his money be by then? Sk b. If he continues to make no deposits nor withdraws, about how long will it take to accumulate 50, 2027 Waud e Arher 23 more
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