Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Transcribed Image Text:Suppose you found a CD that pays 4.9% interest compounded monthly for 3 years.
If you deposit $11,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.)
$
What was the interest earned? (Round to the nearest cent.)
$
Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to
deposit now? (Round to the nearest cent.)
$
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