How much money do you need to deposit in a bank today if you are planning to have $5000 in four yearsby the time you get out of college? The bank offers a 6.75% interest rate that compounds monthly.

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Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.1: Exponential Functions

Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...

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Similar questions

Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would pay $6,596.25 in interest over five years. How much did he borrow to pay for his car?
What interest rate would you need to get to double an investment of 200 in eight years?
Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other pays 5.9% compounded monthly. If he plans to invest 18,000 for 2 years, which investment should he choose? How much extra interest will he earn by making the better choice?

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How much money do you need to deposit in a bank today if you are planning to have $5000 in four years by the time you get out of college? The bank offers a 6.75% interest rate that compounds monthly.