Lori deposited $4,500 into a 30-year retirement account that earns 3% annual interest, compounded semiannually. Find the amount of interest the account earns if she makes no other deposits or withdrawals.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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Lori deposited $4,500 into a 30-year retirement account that
earns 3% annual interest, compounded semiannually. Find the
amount of interest the account earns if she makes no other
deposits or withdrawals.
Transcribed Image Text:Lori deposited $4,500 into a 30-year retirement account that earns 3% annual interest, compounded semiannually. Find the amount of interest the account earns if she makes no other deposits or withdrawals.
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