If 31000 dollars is invested at an interest rate of 6 percent per year, find the value of the investment at the end of 5 years for the following compounding methods. (a) Annual:

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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If 31000 dollars is invested at an interest rate of 6 percent per year, find the value of
the investment at the end of 5 years for the following compounding methods.
(a) Annual:
Your answer is
(b) Semiannual:
Your answer is
(c) Monthly:
Your answer is
(d) Daily:
Your answer is
acer
Transcribed Image Text:If 31000 dollars is invested at an interest rate of 6 percent per year, find the value of the investment at the end of 5 years for the following compounding methods. (a) Annual: Your answer is (b) Semiannual: Your answer is (c) Monthly: Your answer is (d) Daily: Your answer is acer
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