Question
Suppose you found a CD that pays 3.7% interest compounded monthly for 6 years. a.) If you deposit $12,000 now, how much will you have
Suppose you found a CD that pays 3.7% interest compounded monthly for 6 years.
a.) If you deposit $12,000 now, how much will you have in the account in 6 years? (round the nearest cent.)
b.) What was the interest earned?
c.) Now suppose that you would like to have 20,000 in the account in 6 years. How much would you need to deposit now? (Round to the nearest cent)
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Linear Algebra and Its Applications
Authors: David C. Lay
4th edition
321791541, 978-0321388834, 978-0321791542
