If you chose to invest your inheritance, you have been looking to put your $40,000 into a high yield savings account that pays 2.8% annually. Determine how much will the account will be worth in 25 years if left untouched. You also noticed that other banks offer the same rates but compounded the interest more often. Fill out the table below if you still put the $40,000 into a savings account for 25 years that provides 2.8% annually but compounded it in each of the following ways (be sure to fill out the table): Compounded Work: Semi-Annually Monthly Quarterly Weekly Daily Continuously Value in 25 Years

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
Question
100%
If you chose to invest your inheritance, you have been looking to put your $40,000 into a high yield savings account that pays 2.8%
annually.
Determine how much will the account will be worth in 25 years if left untouched.
You also noticed that other banks offer the same rates but compounded the interest more often. Fill out the table below if you still
put the $40,000 into a savings account for 25 years that provides 2.8% annually but compounded it in each of the following ways
(be sure to fill out the table):
Compounded
Work:
Semi-Annually
Monthly
Quarterly
Weekly
Daily
Continuously
Value in 25 Years
Transcribed Image Text:If you chose to invest your inheritance, you have been looking to put your $40,000 into a high yield savings account that pays 2.8% annually. Determine how much will the account will be worth in 25 years if left untouched. You also noticed that other banks offer the same rates but compounded the interest more often. Fill out the table below if you still put the $40,000 into a savings account for 25 years that provides 2.8% annually but compounded it in each of the following ways (be sure to fill out the table): Compounded Work: Semi-Annually Monthly Quarterly Weekly Daily Continuously Value in 25 Years
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning