Nathan is thinking about opening a CD account with $32000. An investment company is offering 6.3% annual interest rate compounded monthly over 5-year period. If Nathan decides to open a CD account with the company, which formula will you use to help you figure out the interest that he will earn at the end of the 5-year period? Express the amount in two decimal places. For example, 23.45, or 57.20, or 89.00. Formula 1: A = P(1+rt) Formula 2: n-t = P(1+)** Formula 3: A = Pert (Enter the number only) Your choice of the formula number is What value will you use for the interest rate in the formula? The value that I will use is To the nearest penny, the amount of interest he will earn at the end of 5-year period is $
Nathan is thinking about opening a CD account with $32000. An investment company is offering 6.3% annual interest rate compounded monthly over 5-year period. If Nathan decides to open a CD account with the company, which formula will you use to help you figure out the interest that he will earn at the end of the 5-year period? Express the amount in two decimal places. For example, 23.45, or 57.20, or 89.00. Formula 1: A = P(1+rt) Formula 2: n-t = P(1+)** Formula 3: A = Pert (Enter the number only) Your choice of the formula number is What value will you use for the interest rate in the formula? The value that I will use is To the nearest penny, the amount of interest he will earn at the end of 5-year period is $
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
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Transcribed Image Text:Nathan is thinking about opening a CD account with $32000. An investment company is offering 6.3% annual interest rate compounded monthly over 5-year period. If
Nathan decides to open a CD account with the company, which formula will you use to help you figure out the interest that he will earn at the end of the 5-year period?
Express the amount in two decimal places. For example, 23.45, or 57.20, or 89.00.
Formula 1:
A = P(1 + rt)
Formula 2:
n•t
P(1+)**
A =
Formula 3:
A = Pe"t
(Enter the number only) Your choice of the formula number is
What value will you use for the interest rate in the formula? The value that I will use is
To the nearest penny, the amount of interest he will earn at the end of 5-year period is $
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