:. Calculate the total amount of interest earned from this investment during the 4-year period.

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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c. Calculate the total amount of interest earned from this investment during the 4-year
period.
Round to the nearest cent
Transcribed Image Text:c. Calculate the total amount of interest earned from this investment during the 4-year period. Round to the nearest cent
An investment of $13,000 is growing at 5% compounded semi-annually.
Question 12 of 12
a. Calculate the accumulated amount of this investment at the end of year 1.
Round to the nearest cent
b. If the interest rate changed to 3% compounded monthly at the end of year 1,
calculate the accumulated amount of this investment at the end of year 4.
Round to the nearest cent
Transcribed Image Text:An investment of $13,000 is growing at 5% compounded semi-annually. Question 12 of 12 a. Calculate the accumulated amount of this investment at the end of year 1. Round to the nearest cent b. If the interest rate changed to 3% compounded monthly at the end of year 1, calculate the accumulated amount of this investment at the end of year 4. Round to the nearest cent
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