Use the compound interest formulas A=P1+rnnt and A=Pert to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $20,000 for 5years at an interest rate of 7% if the money is 1. a. compounded semiannually; 2. b.compounded quarterly;
Use the compound interest formulas A=P1+rnnt and A=Pert to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $20,000 for 5years at an interest rate of 7% if the money is 1. a. compounded semiannually; 2. b.compounded quarterly;
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Use the compound interest formulas
A=P1+rnnt
and
A=Pert
to solve the problem given. Round answers to the nearest cent.Find the accumulated value of an investment of
$20,000 for 5years at an interest rate of 7% if the money is
1. a. compounded semiannually;
2. b.compounded quarterly;
3. c.compounded monthly;
4. d. compounded continuously.
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What is the accumulated value if the money is compounded continuously?
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