Suppose an investor deposits $31,000 into a savings account for 5 years at 4% interest. Find the total amount of money in the account if the interest is: after 5 years. 1. Compounded annually, then the investment is worth after 5 years. 2. Compounded quarterly, then the investment is worth after 5 years. 3. Compounded monthly, then the investment is worth

College Algebra
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ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Suppose an investor deposits $31,000 into a savings account for 5 years at 4% interest. Find the total amount of money in the account if the interest is:
after 5 years.
1. Compounded annually, then the investment is worth
after 5 years.
2. Compounded quarterly, then the investment is worth
after 5 years.
3. Compounded monthly, then the investment is worth
after 5 years.
4. Compounded weekly, then the investment is worth
after 5 years.
5. Compounded daily, then the investment is worth
• Round your answers to the nearest cent.
Use a dollar sign to indicate that your answer is a monetary value.
Transcribed Image Text:Suppose an investor deposits $31,000 into a savings account for 5 years at 4% interest. Find the total amount of money in the account if the interest is: after 5 years. 1. Compounded annually, then the investment is worth after 5 years. 2. Compounded quarterly, then the investment is worth after 5 years. 3. Compounded monthly, then the investment is worth after 5 years. 4. Compounded weekly, then the investment is worth after 5 years. 5. Compounded daily, then the investment is worth • Round your answers to the nearest cent. Use a dollar sign to indicate that your answer is a monetary value.
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