Hattie has recently inherited $7900, which she wants to deposit into an IRA account. She has determined that her two best bets are an account that compounds annually at an annual rate of 3.6% (Account 1) and an account that compounds semi-annually at an annual rate of 3.5%(Account 2). Step 2 of 2 : How much would Hattie's balance be from Account 1 over 6.2 years? Round to two decimal places.
Hattie has recently inherited $7900, which she wants to deposit into an IRA account. She has determined that her two best bets are an account that compounds annually at an annual rate of 3.6% (Account 1) and an account that compounds semi-annually at an annual rate of 3.5%(Account 2). Step 2 of 2 : How much would Hattie's balance be from Account 1 over 6.2 years? Round to two decimal places.
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
Problem 27PS
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Hattie has recently inherited $7900, which she wants to deposit into an IRA account. She has determined that her two best bets are an account that compounds annually at an annual rate of 3.6% (Account 1) and an account that compounds semi-annually at an annual rate of 3.5%(Account 2).
Step 2 of 2 :
How much would Hattie's balance be from Account 1 over 6.2 years? Round to two decimal places.
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