Suppose that you deposit $9000 into a Certificate of Deposit (CD) today. The deposit earns 5% interest compoundedmonthly.(a) How long will it be before the account is worth $12000?(b) How long will it be before the account is worth $18000? That is, how long will you have to wait until your moneydoubles?(a) t = years(Round to the nearest tenth as needed.)ew an example TextbookClearan

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Answered: Suppose that you deposit $9000 into a…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Similar questions

A woman deposits $11,000 at the end of each year for 10 years in an account paying 5% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 4% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 10 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.) (b) She will have a total of $ on deposit in her brother-in-law's bank. (Simplify your answer. Round to the nearest cent as needed.) (c) She would lose $ over 10 years by using her brother-in-law's bank. (Simplify your answer. Round to the nearest cent as needed.)
A woman deposits $14,000 at the end of each year for 11 years in an account paying 5% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 4% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 11 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.)
A deposit of $1000 is made into an account that earns interest at an annual rate of 5%. If allowed to stay in the account for 20 years, what would be the resulting total account balance if the interest compounded monthly?
A woman deposits $15,000 at the end of each year for 11 years in an account paying 8% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 7% compounded annually. If she deposits money in this bank instead of the other one, how much will she have in her account? (c) How much would she lose over 11 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.)
Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $140,000 after 3 years invested in an account with 5% interest compounded quarterly The amount to be invested now, or the present value needed, is S (Round to the nearest cent as needed.)
A deposit of $10000 is made into an account paying a nominal annual rate of 4.25%. If theinterest is compounded monthly, the account balance after five years (rounded to the nearestcent) is =
Aryssa has saved $72,000.00. If she decides to withdraw $3,342.00 at the beginning of every six months and interest is 6.08% compounded quarterly, for how long can she make withdrawals? Express your answer in years and months (from 0 to 11 months). Her last withdrawal will occur year(s) and month(s) from now. (Type whole numbers.)
You wish to accumulate $100,000 through monthly payments of $400. If you can earn interest at an annual rate of 4% compounded monthly, how long (to the nearest year) will it take to accomplish your goal? yr
Suppose $25,000 is invested in an account that pays 8% compounded yearly. (a) find the value of the account at the end of the 8th year. (b) In how many years will the value of the account become $70,000?
To prepare for an upcoming equipment purchase, the finance team at Canada Wire Corp. has invested $12,500 at the start of every quarter for the last 2 ½ years. If the funds have earned 6% compounded semiannually, how much is in the investment account today

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