7. Suppose you found a CD that pays 4.1% interest compounded monthly for 6 years. If you deposit $8,000 now, (A) how much will you have in the account in 6 years? (B) How much interest will you have earned? (C) What will the actual annual percentage yield (APY) be for the account?
7. Suppose you found a CD that pays 4.1% interest compounded monthly for 6 years. If you deposit $8,000 now, (A) how much will you have in the account in 6 years? (B) How much interest will you have earned? (C) What will the actual annual percentage yield (APY) be for the account?
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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