Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six months later (180 days), she deposits an additional $2,500 in the same account. What is the value of the account after 1 year? (Assume all years have 365 days. Round your answer to the nearest cent.)
Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six months later (180 days), she deposits an additional $2,500 in the same account. What is the value of the account after 1 year? (Assume all years have 365 days. Round your answer to the nearest cent.)
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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Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six months later (180 days), she deposits an additional $2,500 in the same account. What is the value of the account after 1 year? (Assume all years have 365 days. Round your answer to the nearest cent.)
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