Concept explainers
Use the compound interest formulas,
Find the accumulated value of an investment of
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Intermediate Algebra for College Students (7th Edition)
- Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account in 15 years by each method of compounding? compound quarterly compound monthly compound continuouslyarrow_forwardYou deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5 years, the balance is $3544.06. What is the annual interest rate?arrow_forwardSaving How much money should be invested every quarter at 10% per year, compounded quarterly, to have $5000 in 2 years?arrow_forward
- An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000 Compare the values of the account after 9 yearswhen the interest is compounded annually, quarterly,monthly, and continuously.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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