Hello, We are in the financial math chapter. You have an investment certificate that is currently worth $5,091 and has appreciated at a rate of 2.5% compounded annually over 5 years. a. What was the initial cost of the certificate? b. How much interest did the certificate earn?

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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Hello, We are in the financial math chapter. You have an investment certificate that is currently worth $5,091 and has appreciated at a rate of 2.5% compounded annually over 5 years. a. What was the initial cost of the certificate? b. How much interest did the certificate earn?
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