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You invest $5000 in an account at an annual rate of 1.475% with interest compounding quarterly. Find out how much is in the account (to the nearest cent) after 3 years by using the compound interest formula A = P(1 +)nt, where A is the total amount in the account in dollars, P is the principal (amount invested), r is the annual interest rate, n is the number of times compounded per year and t is the time in years.

You invest $5000 in an account at an annual rate of 1.475% with interest compounding quarterly. Find out how much is in the account (to the nearest cent) after 3 years by using the compound interest formula A = P(1 +)nt, where A is the total amount in the account in dollars, P is the principal (amount invested), r is the annual interest rate, n is the number of times compounded per year and t is the time in years.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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You invest $5000 in an account at an annual rate of 1.475% with interest compounding quarterly. Find out how much is in the account (to the nearest cent) after 3 years by using the compound interest formula A = P(1 +)nt, where A is the total amount in the account in dollars, P is the principal (amount invested), r is the annual interest rate, n is the number of times compounded per year and t is the time in years.
Transcribed Image Text:You invest $5000 in an account at an annual rate of 1.475% with interest compounding quarterly. Find out how much is in the account (to the nearest cent) after 3 years by using the compound interest formula A = P(1 +)nt, where A is the total amount in the account in dollars, P is the principal (amount invested), r is the annual interest rate, n is the number of times compounded per year and t is the time in years.
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