For each 5 -year gap for exercise 32 , compute the difference between the present values. Do
Question:
For each 5 -year gap for exercise 32 , compute the difference between the present values. Do these differences remain the same for each of the 5 -year gaps, or do they differ? How do they differ? What conclusion can you draw?
Explore what happens when a person deposits money in an account earning compound interest.
Data from Exercises 32
Find the present value of \(\$ 1,000,000\) in an account that earns \(6.15 \%\) compounded monthly for the indicated number of years.
40 years
35 years
30 years
25 years
20 years
15 years
Explore what happens when a person deposits money in an account earning compound interest.
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