Can u plz help me! A savings account pays a 3% nominal annual interest rate andhas a balance of $1,000. Any interest earned is deposited intothe account and no further deposits or withdrawals are made.1) Write an expression that represents the balance in one year ifinterest is compounded annually.2) If interest is compounded semi-annually (every six months),what interest rate would be used for each calculation?

Name: Can u plz help me! A savings account pays a 3% nominal annual interest
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Description: Can u plz help me! A savings account pays a 3% nominal annual interest rate andhas a balance of $1,000. Any interest earned is deposited intothe account and no further deposits or withdrawals are made.1) Write an expression that represents the balanc

Given :rate of interest(r)=3% per annum=3100=0.03% Principal amountP=$1000To find:1)…

Answered: A savings account pays a 3% nominal…

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

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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Can u plz help me!

A savings account pays a 3% nominal annual interest rate and
has a balance of $1,000. Any interest earned is deposited into
the account and no further deposits or withdrawals are made.
1) Write an expression that represents the balance in one year if
interest is compounded annually.
2) If interest is compounded semi-annually (every six months),
what interest rate would be used for each calculation?

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Step 1

$Given :rate of interest (r) = 3 % per annum= \frac{3}{100} =0.03% Principal amount (P) = $ 1000 To find: 1) Expression that represent the balance in one year if interest is compounded annualy. 2) If interest is compounded semi-annually (every six months) what interest rate would be used for each calculation ?$

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