Julio invests $6,100 into an account that earns 5.2% annual compound interest. If Julio makes no additional deposits or withdrawals, which best represents the amount of interest Julio will earn after 8 years? $3,050.73 $9,150.73 $15,250.73 $2,120.73

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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Julio invests $6,100 into an account that earns
5.2% annual compound interest. If Julio makes
no additional deposits or withdrawals, which
best represents the amount of interest Julio
will earn after 8 years?
$3,050.73
$9,150.73
$15,250.73
$2,120.73
Transcribed Image Text:Julio invests $6,100 into an account that earns 5.2% annual compound interest. If Julio makes no additional deposits or withdrawals, which best represents the amount of interest Julio will earn after 8 years? $3,050.73 $9,150.73 $15,250.73 $2,120.73
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