Recall the equation for compound interest you used in class today nt A = P(1+)" 11. Calculate the amount of money in an account after 15 years if $7000 is deposited at 6% annual interest compounded as follows: a) annually b) semiannually c) quarterly d) daily (Use n = 365) 12. How much monoL uill I

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ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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You will need technology that calculates log, where b is any number.
11. Calculate the amount of money in an account after 15 years if $7000 is deposited at 6% annual
SET
Topic: Using the formula for compound interest
Recall the equation for compound interest vou used in class today.
nt
A = P(1+)"
interest compounded as follows:
a) annually
b) semiannually
c) quarterly
d) daily (Use n = 365)
12. How much money will be in an account at the end of 34 years if $17,000 is deposited at 12%%
annual interest compounded as follows?
a) annually
b) semiannually
c) quarterly
d) daily (Use n = 365)
13. When you were born, your grandfather invested $2000 for you at 12.5% interest compounded
daily. No one told you about it until you were 50 years old. Would you be a millionaire on the
day you turned 50? Justify your answer.
14. If Tanisha onens an account with $5000 at an interest rate of 7% compounded weeld.
Transcribed Image Text:You will need technology that calculates log, where b is any number. 11. Calculate the amount of money in an account after 15 years if $7000 is deposited at 6% annual SET Topic: Using the formula for compound interest Recall the equation for compound interest vou used in class today. nt A = P(1+)" interest compounded as follows: a) annually b) semiannually c) quarterly d) daily (Use n = 365) 12. How much money will be in an account at the end of 34 years if $17,000 is deposited at 12%% annual interest compounded as follows? a) annually b) semiannually c) quarterly d) daily (Use n = 365) 13. When you were born, your grandfather invested $2000 for you at 12.5% interest compounded daily. No one told you about it until you were 50 years old. Would you be a millionaire on the day you turned 50? Justify your answer. 14. If Tanisha onens an account with $5000 at an interest rate of 7% compounded weeld.
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