Under certain conditions, Swiss banks pay negative interest-they charge you. (You didn't think all that secrecy was free?) Suppose a bank "pays" - 3.7% interest compounded annually. Find the compound amount for a deposit of $170,000 after 5 years. The compound amount after 5 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Under certain conditions, Swiss banks pay negative interest-they charge you. (You didn't think all that secrecy was free?) Suppose a bank "pays" - 3.7% interest compounded annually. Find the compound amount for a deposit of $170,000 after 5 years. The compound amount after 5 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Transcribed Image Text:Under certain conditions, Swiss banks pay negative interest-they charge you. (You didn't think all that secrecy was free?) Suppose a bank "pays" - 3.7% interest compounded annually. Find the compound amount
for a deposit of $170,000 after 5 years.
The compound amount after 5 years is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
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