5. Interest on a CD A sum of $5000 is invested in a 5-year certificate of deposit paying 3% interest per year, com- pounded monthly. After n years the amount of interest I that has accumulated is given by I = 5000[(1.0025) – 1] Complete the following table, which gives the amount of interest accumulated after the given number of years. Year Total interest 1 $152.08 308.79 3 4

5. Interest on a CD A sum of $5000 is invested in a 5-year certificate of deposit paying 3% interest per year, com- pounded monthly. After n years the amount of interest I that has accumulated is given by I = 5000[(1.0025) – 1] Complete the following table, which gives the amount of interest accumulated after the given number of years. Year Total interest 1 $152.08 308.79 3 4

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

ChapterP: Prerequisites

SectionP.3: Integer Exponents And Scientific Notation

Problem 55E

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