Compare the investment below to an investment of the same principal at the same rate compounded annually. principal: $6,000, annual interest: 3%, interest periods: 2 , number of years: 20 After 20 years, the investment compounded periodically will be worth $ (Round to two decimal places as needed.) more than the investment compounded annually.

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
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Compare the investment below to an investment of the same principal at the same rate compounded annually
principal: $6,000, annual interest 3%, interest periods: 2 , number of years: 20
After 20 years, the investment compounded periodically will be worth $
more than the investment compounded annually.
(Round to two decimal places as needed.)
Transcribed Image Text:Compare the investment below to an investment of the same principal at the same rate compounded annually principal: $6,000, annual interest 3%, interest periods: 2 , number of years: 20 After 20 years, the investment compounded periodically will be worth $ more than the investment compounded annually. (Round to two decimal places as needed.)
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