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Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.

Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.

Intermediate Algebra
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 25PS
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Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.
Transcribed Image Text:Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.
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