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College Algebra
1st Edition
ISBN: 9781938168383
Author: Jay Abramson
Publisher: OpenStax
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John deposits $2,000 into a CD that guarantees a 5.8% annual interest rate,
compounded yearly. How much will be in the account at the end of four
years?
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- Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest, compounded monthly. How much money will he have saved after 5 years?arrow_forwardRachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?arrow_forward
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