How many times is the rate compounded? How much is the total in the account? (ROUND TO THE NEAREST TENTHS PLACE) A = P(1+r)' $ How much interest was added into Darius' account? (Total amount minus principal) $

How many times is the rate compounded? How much is the total in the account? (ROUND TO THE NEAREST TENTHS PLACE) A = P(1+r)' $ How much interest was added into Darius' account? (Total amount minus principal) $

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section: Chapter Questions

Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...

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Question

Hannah deposits $100 in a savings account earning 6% interest that is compounded each year for 3 years.
How many times is the rate compounded?
How much is the total in the account? (ROUND TO THE NEAREST TENTHS PLACE) A = P(1+r) $
How much interest was added into Darius' account? (Total amount minus principal) $

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