a) If you deposit $4,000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

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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a) If you deposit $4,000 into an account paying 6% annual interest
compounded quarterly, how much money will be in the account after 5 years?
b) If you deposit $6,500 into an account paying 8% annual interest
compounded monthly, how much money will be in the account after 7 years?
c) How much money would you need to deposit today at 9% annual interest,
compounded monthly, to have $12,000 in the account after 6 years?
Transcribed Image Text:a) If you deposit $4,000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years? b) If you deposit $6,500 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years? c) How much money would you need to deposit today at 9% annual interest, compounded monthly, to have $12,000 in the account after 6 years?
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