Differential Equations
Differential Equations
4th Edition
ISBN: 9780495561989
Author: Paul Blanchard, Robert L. Devaney, Glen R. Hall
Publisher: Cengage Learning
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Jamal wants to save $48,000 for a down payment on a home. How much will he need to invest in an account with 11.8% APR, compounding daily, in order to reach his goal in 10 years? Round to the nearest dollar.
r nt Use the compound interest formula, A (t) = P(1 + 1)". An account is opened with an intial deposit of $7,500 and earns 3.8% interest compounded semi- annually. Round all answers to the nearest dollar. a. What will the account be worth in 10 years? $ b. What if the interest were compounding monthly? $ c. What if the interest were compounded daily (assume 365 days in a year)? $
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