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Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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This is Algebra with finances can someone help me with the Compound interest section

Transcribed Image Text:3. Rachel deposited $6,000 into a savings account that pays 4.75% compounded quarterly. How much will be in
her savings account at the end of 10 years? How much interest will her saving account earn in ten years?
4. Bob put $10,000 in a CD that paid 8% compounded monthly. How much will, be in the CD be worth in 7 years?
How much interest did the CD earn?
5. Jack put $5,000 into a retirement account that paid 8.2% interest compounded daily. How much will be in the
account in 15 years? How much interest did the account earn in 15 vears?
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- If you would like to make $1855 in 3 years, how much would you have to deposit in an account that pays simple interest of 1%? The answer key says it is 61833.333333. I want to know I it got to this answer.arrow_forwardJenna has a bank account where the interest is compounded quarterly. The following equation represents the growth of her investment over time. A=400(1+ 0.035/4)^4t what does the 400 representarrow_forwardPlease see attached image for the question.arrow_forward
- Approximately how long it would take an investment of 5,000 to double with an interest rate of 3.5%arrow_forwardif money is invested at rate that doubles the money in 10 years, use the continous growth formula to a. find the interest rate b. determine what an investment of $5,000 is worth, after 3 years. be sure to write the formula you use to calculate your answerarrow_forward$9000 grows to $17,118 in 16 years Find the Interest rate ( with annual compounding) that makes the statement truearrow_forward
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