At the end of each quarter, David deposits $300 into a savings account that earns 3.92% interest compounded quarterly. Assume that the interest rate doesn't change and that he keeps this up for 8 years. a. What is the future value of this account? b. How much total interest did he earn? Entering vour answer:

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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At the end of each quarter, David deposits $300 into a savings account that earns 3.92% interest compounded quarterly. Assume that the
interest rate doesn't change and that he keeps this up for 8 years.
a. What is the future value of this account?
b. How much total interest did he earn?
Entering your answer:
No dollar signs.
· Round to the nearest cent (2 decimal places)
Use commas as appropriate.
· Only enter the numerical value, no variables, no equal signs
Transcribed Image Text:At the end of each quarter, David deposits $300 into a savings account that earns 3.92% interest compounded quarterly. Assume that the interest rate doesn't change and that he keeps this up for 8 years. a. What is the future value of this account? b. How much total interest did he earn? Entering your answer: No dollar signs. · Round to the nearest cent (2 decimal places) Use commas as appropriate. · Only enter the numerical value, no variables, no equal signs
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