The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal Rate Compounded Time $8000 6% annually 3 years

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
Question
The principal represents an amount of money deposited in a savings account subject to compound interest
at the given rate.
A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
Click the icon to view some finance formulas.
A. The amount of money in the account after 3 years is $
(Round to the nearest hundredth as needed.)
B. The amount of interest earned is $
(Round to the nearest hundredth as needed.)
Principal
Rate
Compounded
Time
$8000
6%
annually
3 years
Transcribed Image Text:The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal Rate Compounded Time $8000 6% annually 3 years
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