51. If you need $30,000 in your bank account in 7 years, to the nearest dollar, how much must you deposit now if the interest rate is 9%, compounded monthly? 52. If you need $50, 000 in your bank account in 8 years, to the nearest dollar, how much must you deposit now if the interest rate is 6%, compounded quar- terly? 53. If you need $30, 000 in your bank account in 7 years, to the nearest dollar, how much must you deposit now if the interest rate is 9%, compounded contin- uously?

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
icon
Related questions
Question
51. If you need $30,000 in your bank account in 7
years, to the nearest dollar, how much must you
deposit now if the interest rate is 9%, compounded
monthly?
52. If you need $50, 000 in your bank account in 8 years,
to the nearest dollar, how much must you deposit
now if the interest rate is 6%, compounded quar-
terly?
53. If you need $30, 000 in your bank account in 7 years,
to the nearest dollar, how much must you deposit
now if the interest rate is 9%, compounded contin-
uously?
Transcribed Image Text:51. If you need $30,000 in your bank account in 7 years, to the nearest dollar, how much must you deposit now if the interest rate is 9%, compounded monthly? 52. If you need $50, 000 in your bank account in 8 years, to the nearest dollar, how much must you deposit now if the interest rate is 6%, compounded quar- terly? 53. If you need $30, 000 in your bank account in 7 years, to the nearest dollar, how much must you deposit now if the interest rate is 9%, compounded contin- uously?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning