Question
Use the compound interest formula to compute the balance in the following account after the stated period oftime, assuming interest is compounded annually. $10,000 invested
Use the compound interest formula to compute the balance in the following account after the stated period oftime, assuming interest is compounded annually.
$10,000 invested at an APR of 2.9% for 16 years.
The balance in the account after 16 years is $______.
(Round to the nearest cent asneeded.)
Use the appropriate compound interest formula to compute the balance in the account after the stated period of time
$12,000 is invested for 8 years with an APR of 3% and quarterly compounding.
The balance in the account after 8 years is $______.
(Round to the nearest cent asneeded.)
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College Algebra Graphs and Models
Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna
5th edition
321845404, 978-0321791009, 321791002, 978-0321783950, 321783956, 978-0321845405
