Reese made a deposit of $1151.00 into a bank account that earns interest at 5.4% compounded monthly. The deposit earns interest at that rate for four years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest? ..... (a) The balance at the end of the period is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest earned is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The effective rate of interest is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

Reese made a deposit of $1151.00 into a bank account that earns interest at 5.4% compounded monthly. The deposit earns interest at that rate for four years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest? ..... (a) The balance at the end of the period is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest earned is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The effective rate of interest is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

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Description: Hi, can you please help me with my weekly practice? Thank you Reese made a deposit of $1151.00 into a bank account that earns interest at 5.4% compounded monthly. The deposit earns interest at that rate for four years.(a) Find the balance of the acco

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter5: Exponential And Logarithmic Functions

Section5.1: Exponential Functions And Their Graphs

Problem 95E: Applications Saving for college In 20 years, a father wants to accumulate 40,000 to pay for his...

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Hi, can you please help me with my weekly practice? Thank you

Reese made a deposit of $1151.00 into a bank account that earns interest at 5.4% compounded monthly. The deposit earns interest at that rate for four years.
(a) Find the balance of the account at the end of the period.
(b) How much interest is earned?
(c) What is the effective rate of interest?
(a) The balance at the end of the period is $.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) The interest earned is $-
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) The effective rate of interest is %.
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

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