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Suppose an investor deposits $32,000 into an account for which interest is compounded daily. Find the amount of money in the account after 7 years using the following interest rates. after 7 years. 1. If r = 3.5%, then the investment is worth after 7 years. 2. If r = 4.5%, then the investment is worth after 7 years. 3. If r = 6%, then the investment is worth

Suppose an investor deposits $32,000 into an account for which interest is compounded daily. Find the amount of money in the account after 7 years using the following interest rates. after 7 years. 1. If r = 3.5%, then the investment is worth after 7 years. 2. If r = 4.5%, then the investment is worth after 7 years. 3. If r = 6%, then the investment is worth

College Algebra
College Algebra
1st Edition
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 $32,000 into an account for which interest is compounded daily. Find the amount of money in the account after 7 years using the following interest rates. 1. If r = 3.5%, then the investment is worth after 7 years. 2. If r = 4.5%, then the investment is worth after 7 years. 3. If r = 6%, then the investment is worth after 7 years. 4. If r = 8%, then the investment is worth after 7 years. • 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 $32,000 into an account for which interest is compounded daily. Find the amount of money in the account after 7 years using the following interest rates. 1. If r = 3.5%, then the investment is worth after 7 years. 2. If r = 4.5%, then the investment is worth after 7 years. 3. If r = 6%, then the investment is worth after 7 years. 4. If r = 8%, then the investment is worth after 7 years. • Round your answers to the nearest cent. • Use a dollar sign to indicate that your answer is a monetary value.
Suppose an investor deposits $30,000 into a savings account for 3 years at 8.25% interest. Find the total amount of money in the account if the interest is: 1. Compounded annually, then the investment is worth after 3 years. 2. Compounded quarterly, then the investment is worth after 3 years. 3. Compounded monthly, then the investment is worth after 3 years. 4. Compounded weekly, then the investment is worth after 3 years. 5. Compounded daily, then the investment is worth after 3 years. • 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 $30,000 into a savings account for 3 years at 8.25% interest. Find the total amount of money in the account if the interest is: 1. Compounded annually, then the investment is worth after 3 years. 2. Compounded quarterly, then the investment is worth after 3 years. 3. Compounded monthly, then the investment is worth after 3 years. 4. Compounded weekly, then the investment is worth after 3 years. 5. Compounded daily, then the investment is worth after 3 years. • Round your answers to the nearest cent. • Use a dollar sign to indicate that your answer is a monetary value.
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