You have been making monthiy deposits of $5 into a savings account with monthly compounding for 3 years, and you do not know what the account's AR is ( you cannet use the Montly Deposits Balance Formula to compute the balance exactly). Eventually you remember that the APY (not the APR) is 1.7% Use the upper bound/etimate for the balance (trom the course videa) to determine an upper bound for your account's balance. (If necessary, round your answer to the nearest dolar)
You have been making monthiy deposits of $5 into a savings account with monthly compounding for 3 years, and you do not know what the account's AR is ( you cannet use the Montly Deposits Balance Formula to compute the balance exactly). Eventually you remember that the APY (not the APR) is 1.7% Use the upper bound/etimate for the balance (trom the course videa) to determine an upper bound for your account's balance. (If necessary, round your answer to the nearest dolar)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![You have been making monthhy deposits of $5 into a savings account with monthly compounding for 3 years, and you do not know what the accounts APR s ( you cannot use the Montly Deposits
Balance Formula to compute the balance exactly). Eventually you remember that the APY (not the APR) ia 1.7%. Use the upper bound/etimate for the balance (trom the course video) te determine an
upper bound for your account's balance. (If necessary, round your answer to the nearest dollar.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6312dff6-de80-43a2-ab04-d135fcc4cc9a%2F4a2cfa37-5808-45e3-b16b-6806d7b49247%2Fhuzem3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You have been making monthhy deposits of $5 into a savings account with monthly compounding for 3 years, and you do not know what the accounts APR s ( you cannot use the Montly Deposits
Balance Formula to compute the balance exactly). Eventually you remember that the APY (not the APR) ia 1.7%. Use the upper bound/etimate for the balance (trom the course video) te determine an
upper bound for your account's balance. (If necessary, round your answer to the nearest dollar.)
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