Concept explainers
To find: The amount of money in the money market account at an annual rate of 5.2% compounded quarterly if Mary invested $3500 and left it in the account.
Answer to Problem 8MCQ
The amount of money in the account is
Explanation of Solution
Given:
The invested money is 3500 dollars for the time of
Calculation:
Consider the formula for the compound interest is,
Then,
Thus, the amount of money in the account is
Chapter 11 Solutions
Advanced Mathematical Concepts: Precalculus with Applications, Student Edition
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