Compare the investment below to an investment of the same principal at the same rate compounded annually. principal: $8,000, annual interest: 9%, interest periods: 4, 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.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
icon
Related questions
icon
Concept explainers
Topic Video
Question
Compare the investment below to an investment of the same principal at the same rate compounded annually.
principal: $8,000, annual interest 9%, interest periods: 4, 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.
Transcribed Image Text:Compare the investment below to an investment of the same principal at the same rate compounded annually. principal: $8,000, annual interest 9%, interest periods: 4, 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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage