Mary Lou received $11,000 from her grandparents for her college education 7 years prior to her enrolling in college. Mary Lou invested the money at 5.5% compounded semiannually. How much money will she have in her savings account when she is ready to enroll in college? (Simplify your answer completely. Round your answer to the nearest cent.)
Mary Lou received $11,000 from her grandparents for her college education 7 years prior to her enrolling in college. Mary Lou invested the money at 5.5% compounded semiannually. How much money will she have in her savings account when she is ready to enroll in college? (Simplify your answer completely. Round your answer to the nearest cent.)
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
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Transcribed Image Text:Mary Lou received $11,000 from her grandparents for her college education 7 years prior to her enrolling in college. Mary Lou invested the money at 5.5% compounded semiannually. How much money will she
have in her savings account when she is ready to enroll in college? (Simplify your answer completely. Round your answer to the nearest cent.)
$
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