Find the effective rate of Interest that is equivalent to an 7% rate compounded monthly. O 7.20 % O 7.00 % O 7.23 % O 7.12 % O 7.19 %

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...
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Find the effective rate of Interest that is equivalent
to an 7% rate compounded monthly.
O 7.20 %
O 7.00 %
O 7.23 %
O 7.12 %
7.19 %
Transcribed Image Text:Find the effective rate of Interest that is equivalent to an 7% rate compounded monthly. O 7.20 % O 7.00 % O 7.23 % O 7.12 % 7.19 %
If an amount $3784 is invested at 15%
compounded continuously, what will the future
value be in 5 years.
283800.00
O 18920.00
O 21981.90
O 3804.00
O 572.60
Transcribed Image Text:If an amount $3784 is invested at 15% compounded continuously, what will the future value be in 5 years. 283800.00 O 18920.00 O 21981.90 O 3804.00 O 572.60
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