Mike invested $3000 at 12% per annum compounded semi-annually for 8 years. a) How much money does Mike have in his account at the end of 8 years? b) How much interest did he earn on his investment? 2.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Mike invested $3000 at 12% per annum compounded semi-annually for 8 years.
a)
How much money does Mike have in his account at the end of 8 years?
b)
How much interest did he earn on his investment?
2.
Transcribed Image Text:Mike invested $3000 at 12% per annum compounded semi-annually for 8 years. a) How much money does Mike have in his account at the end of 8 years? b) How much interest did he earn on his investment? 2.
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