If you deposit $9,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.) 9874.79 What was the interest earned? (Round to the nearest cent.) $ 874.79 Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to deposit now? (Round to the nearest cent.) $ 18210.70 Question Help: D Video 1 D Video 2 O Message instructor

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 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Suppose you found a CD that pays 3.1% interest compounded monthly for 3 years.
If
you deposit $9,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.)
$ 9874.79
What was the interest earned? (Round to the nearest cent.)
S/874 79
Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to
deposit now? (Round to the nearest cent.)
S 18210.70
Question Help: DVideo 1 Video 2 Message instructor
Submit Question
Transcribed Image Text:Suppose you found a CD that pays 3.1% interest compounded monthly for 3 years. If you deposit $9,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.) $ 9874.79 What was the interest earned? (Round to the nearest cent.) S/874 79 Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to deposit now? (Round to the nearest cent.) S 18210.70 Question Help: DVideo 1 Video 2 Message instructor Submit Question
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