If you need $50,000 four years from now, what is the minimum amount of money you need to deposit into a bank account that pays 3% annual interest, compounded (give your answers to the nearest cent): Annually? Monthly? Continuously?
If you need $50,000 four years from now, what is the minimum amount of money you need to deposit into a bank account that pays 3% annual interest, compounded (give your answers to the nearest cent): Annually? Monthly? Continuously?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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If you need $50,000 four years from now, what is the minimum amount of money you need to deposit into a bank account that pays 3% annual interest, compounded (give your answers to the nearest cent):
Annually?
Monthly?
Continuously?
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