Suppose a certain hardware store has been in business for a few years and is doing well. The owner has decided to save for a future expansion to a second location. He invests $4,000 at the end of every month at 12% interest compounded monthly. (Round your answers to the nearest cent.) (a) How much (in $) will be available for the second store after -3-1/2 $ years? (b) How much (in $) would be in the account if the owner saved for 7 years? $ (c) How much (in $) would be in the account after 7 years if it had been an annuity due?
Suppose a certain hardware store has been in business for a few years and is doing well. The owner has decided to save for a future expansion to a second location. He invests $4,000 at the end of every month at 12% interest compounded monthly. (Round your answers to the nearest cent.) (a) How much (in $) will be available for the second store after -3-1/2 $ years? (b) How much (in $) would be in the account if the owner saved for 7 years? $ (c) How much (in $) would be in the account after 7 years if it had been an annuity due?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Suppose a certain hardware store has been in business for a few years and is doing well. The owner has decided to save for a future expansion to a second location. He invests
$4,000 at the end of every month at 12% interest compounded monthly. (Round your answers to the nearest cent.)
(a) How much (in $) will be available for the second store after 3 years?
31/12/2
(b) How much (in $) would be in the account if the owner saved for 7 years?
(c) How much (in $) would be in the account after 7 years if it had been an annuity due?
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