Save At age 20, a person deposits $355 in a savings account paying 1% interest compounded semiannually. How much money will be in the account 70 years later, when he is 90 years old? Would his savings have tripled in that time? in the account. There will be $ (Round to the nearest cent as needed.)

Save At age 20, a person deposits $355 in a savings account paying 1% interest compounded semiannually. How much money will be in the account 70 years later, when he is 90 years old? Would his savings have tripled in that time? in the account. There will be $ (Round to the nearest cent as needed.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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At age 20, a person deposits $355 in a saving account paying 1% interest compounded semiannually. How much money will be in the account 70 years later,when he is 90 years old?. Would his savings tripled in that time?.

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At age 20, a person deposits $355 in a savings account paying 1% interest compounded semiannually. How much money will be in the account 70 years later, when he is 90 years old?
Would his savings have tripled in that time?
There will be $
in the account,
(Round to the nearest cent as needed.)
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