16. An amount of $20000 is deposited into an account that earns 6% interest per year. Let A (t) represent the balance in the account after t years. nt Use A P(1 + -) to find the balance after 10 years if the interest is a) semi-annually b) quarterly c) monthly d) yearly (round to the nearest cents) compounded

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
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16. An amount of $20000 is deposited into an account that earns 6% interest per
year. Let A (t) represent the balance in the account after t years.
nt
Use A = P(1 + )":
to find the balance after 10 years if the interest is
compounded
a) semi-annually
b) quarterly
c) monthly
d) yearly
(round to the nearest cents)
Transcribed Image Text:16. An amount of $20000 is deposited into an account that earns 6% interest per year. Let A (t) represent the balance in the account after t years. nt Use A = P(1 + )": to find the balance after 10 years if the interest is compounded a) semi-annually b) quarterly c) monthly d) yearly (round to the nearest cents)
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