If 10 thousand dollars is invested at an interest rate of 5 percent per year, find the value of the investment at the end of three years if interest is compounded monthly. Round your answer to the nearest cent.
If 10 thousand dollars is invested at an interest rate of 5 percent per year, find the value of the investment at the end of three years if interest is compounded monthly. Round your answer to the nearest cent.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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If 10 thousand dollars is invested at an interest rate of 5 percent per year, find the value of the investment at the end of three years if interest is compounded monthly. Round your answer to the nearest cent.
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