If 22600 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest cent. (a) Annual: $ 31697.66 (b) Semiannual: $ 31879.5 (c) Monthly: $ 32031.96 (d) Daily: $ Question Help: DVideo Message instructor Submit Question

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
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If 22600 dollars is invested at an interest rate of 7 percent per year, find the value of the investment
at the end of 5 years for the following compounding methods, to the nearest cent.
(a) Annual: $ 31697.66
(b) Semiannual: $ 31879.5
(c) Monthly: $ 32031.96
(d) Daily: $
Question Help: DVvideo Message instructor
Submit Question
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Transcribed Image Text:If 22600 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years for the following compounding methods, to the nearest cent. (a) Annual: $ 31697.66 (b) Semiannual: $ 31879.5 (c) Monthly: $ 32031.96 (d) Daily: $ Question Help: DVvideo Message instructor Submit Question MacBook Air 吕口 F3 000 F2 F4 F6 F7 F8 $4 & 6. 7 9 R T Y D F G * CO
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