A recent high school graduate received $900 in gifts of cash from friends and relatives. In addition, he received three scholarships in the amounts of $150, $300, and $1100. If he takes all his gift and scholarship money and invests it in a 36-month CD paying 1% interest compounded daily (use n=360), how much will the graduate have when he cashes in the CD at the end of the 36-months?
A recent high school graduate received $900 in gifts of cash from friends and relatives. In addition, he received three scholarships in the amounts of $150, $300, and $1100. If he takes all his gift and scholarship money and invests it in a 36-month CD paying 1% interest compounded daily (use n=360), how much will the graduate have when he cashes in the CD at the end of the 36-months?
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Question
A recent high school graduate received
$900
in gifts of cash from friends and relatives. In addition,
he
received three scholarships in the amounts of
$150,
$300,
and
$1100.
If
he
takes all
his
gift and scholarship money and invests it in a
36-month
CD paying
1%
interest compounded daily (use
n=360),
how much will the graduate have when
he
cashes in the CD at the end of the
36-months?
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