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eeds $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.)

eeds $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.)

College Algebra
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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A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.) yr
Transcribed Image Text:A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 8% compounded quarterly, how long will it take for the money to grow to $50,000? (Round your answer to the nearest whole number.) yr
Jake Werkheiser decides to invest $8000 in an IRA at the end of each year for the next 6 years. If he makes these investments, and if the certificates pay 8%, compounded annually, how much will he have at the end of the 6 years? (Round your answer to the nearest cent.) $ X
Transcribed Image Text:Jake Werkheiser decides to invest $8000 in an IRA at the end of each year for the next 6 years. If he makes these investments, and if the certificates pay 8%, compounded annually, how much will he have at the end of the 6 years? (Round your answer to the nearest cent.) $ X
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