7. How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a dollars by age 48? Round your answer to the nearest thousand. 1, 000, 0 a. $171,000 b. $81,000 -09 TT0-d8 (+1) c. $166,000 d. $89,000 e. None of these 6. 8. Inflation has been ranning 6% per year. A car now costs $32.000. How much would it have cost 9 years ago? a. $18,940.004 b. $18,335.83 C$19,090.75 d. $18.940.75 e. None of these oradeid Find the effective annual interest rate of 4% compounded quarterly. Round to the nearest hundredth. - /- raff=(+ a. 4.31% b. 4.25% c. 4.75% d. 4.06% e. None of these o1 00 0,22 309- S

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 26PS
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7. How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a
dollars by age 48? Round your answer to the nearest thousand.
1, 000, 0
a. $171,000
b. $81,000
-09 TT0-d8
(+1)
c. $166,000
d. $89,000
e. None of these
6.
8. Inflation has been ranning 6% per year. A car now costs $32.000. How much would it have cost 9 years ago?
a. $18,940.004
b. $18,335.83
C$19,090.75
d. $18.940.75
e. None of these
oradeid
Find the effective annual interest rate of 4% compounded quarterly. Round to the nearest hundredth.
-
/-
raff=(+
a. 4.31%
b. 4.25%
c. 4.75%
d. 4.06%
e. None of these
o1 00
0,22 309-
S
Transcribed Image Text:7. How much would you have to invest when you are 20 years old at 9% compounded monthly to end up with a dollars by age 48? Round your answer to the nearest thousand. 1, 000, 0 a. $171,000 b. $81,000 -09 TT0-d8 (+1) c. $166,000 d. $89,000 e. None of these 6. 8. Inflation has been ranning 6% per year. A car now costs $32.000. How much would it have cost 9 years ago? a. $18,940.004 b. $18,335.83 C$19,090.75 d. $18.940.75 e. None of these oradeid Find the effective annual interest rate of 4% compounded quarterly. Round to the nearest hundredth. - /- raff=(+ a. 4.31% b. 4.25% c. 4.75% d. 4.06% e. None of these o1 00 0,22 309- S
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