Compound Interest and the TVM Calculator Use the TVM Calculator to solve the following compound interest problem. Round your result to two decimal places as needed. You invest $15, 000 in an account. The interest is compounded monthly for 7 years. The account balance will be $28, 889.74 at the end of 7 years. What is the annual interest rate? Enter the values you need to put in the TVM calculator. Put the letter a for the unknown value. Remember that money paid to the bank is negative and money received from the bank is positive. PV= N= Present Value Number of Compounding Periods PMT= 1%= Payment Annual Interest Rate as a Percent P/Y and C/Y= FV= Payments per Year and/or Compoundings per Year Future Value Use the link to the TVM Calculator below to solve the problem. The annual interest rate is
Compound Interest and the TVM Calculator Use the TVM Calculator to solve the following compound interest problem. Round your result to two decimal places as needed. You invest $15, 000 in an account. The interest is compounded monthly for 7 years. The account balance will be $28, 889.74 at the end of 7 years. What is the annual interest rate? Enter the values you need to put in the TVM calculator. Put the letter a for the unknown value. Remember that money paid to the bank is negative and money received from the bank is positive. PV= N= Present Value Number of Compounding Periods PMT= 1%= Payment Annual Interest Rate as a Percent P/Y and C/Y= FV= Payments per Year and/or Compoundings per Year Future Value Use the link to the TVM Calculator below to solve the problem. The annual interest rate is
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.8: Transforming Exponential Expressions
Problem 3PPS
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Transcribed Image Text:Compound Interest and the TVM Calculator
Use the TVM Calculator to solve the following compound interest problem. Round your result to two
decimal places as needed.
You invest $15, 000 in an account. The interest is compounded monthly for 7 years. The account
balance will be $28, 889.74 at the end of 7 years. What is the annual interest rate?
Enter the values you need to put in the TVM calculator. Put the letter a for the unknown value.
Remember that money paid to the bank is negative and money received from the bank is positive.
PV=
N=
Present Value
Number of Compounding Periods
PMT=
1%=
Payment
Annual Interest Rate as a Percent
P/Y and C/Y=
FV=
Payments per Year and/or
Compoundings per Year
Future Value
Use the link to the TVM Calculator below to solve the problem.
The annual interest rate is
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