Click the icon to view some finance formulas. Question content area bottom Part 1 a. Find how much money there will be in the account after the given number of years. (Assume 365 days in a year.) The amount of money in the account after
Click the icon to view some finance formulas. Question content area bottom Part 1 a. Find how much money there will be in the account after the given number of years. (Assume 365 days in a year.) The amount of money in the account after
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
Related questions
Question
|
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Answer parts (a) and (b).
|
Principal
|
Rate
|
Compounded
|
Time
|
|---|---|---|---|---|
|
$70,000
|
1.5%
|
daily
|
19 years
|
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Question content area bottom
Part 1
a. Find how much money there will be in the account after the given number of years. (Assume
365
days in a year.)The amount of money in the account after
19
years is
$enter your response here.
(Round to the nearest cent as needed.)
Part 2
b. Find the interest earned.
The amount of interest earned is
$enter your response here.
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