A woman deposits $14,000 at the end of each year for 11 years in an account paying 5% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 4% compounded annually. If she deposits money in this bank instead of the other one, how much will she have her account? (c) How much would she lose over 11 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.)
A woman deposits $14,000 at the end of each year for 11 years in an account paying 5% interest compounded annually. (a) Find the final amount she will have on deposit. (b) Her brother-in-law works in a bank that pays 4% compounded annually. If she deposits money in this bank instead of the other one, how much will she have her account? (c) How much would she lose over 11 years by using her brother-in-law's bank? (a) She will have a total of $ on deposit. (Simplify your answer. Round to the nearest cent as needed.)
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
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