nt Use the compound interest formula, A(t) = P(1+ -)". An account is opened with an intialy deposit of $7,500 and earns 2.7% interest compounded semi-annually. Round all answers to the nearest dollar. a. What will the account be worth in 30 years? S[ b. What if the interest were compounding monthly? S| c. What if the interest were compounded daily (assume 365 days in a year)? $

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Use the compound interest formula, A(t) = P(1+ -)".
P(1+ ;)".
An account is opened with an intialy deposit of $7,500 and earns 2.7% interest compounded semi-annually. Round
all answers to the nearest dollar.
a. What will the account be worth in 30 years? S
b. What if the interest were compounding monthly? S|
c. What if the interest were compounded daily (assume 365 days in a year)? $
Transcribed Image Text:Use the compound interest formula, A(t) = P(1+ -)". P(1+ ;)". An account is opened with an intialy deposit of $7,500 and earns 2.7% interest compounded semi-annually. Round all answers to the nearest dollar. a. What will the account be worth in 30 years? S b. What if the interest were compounding monthly? S| c. What if the interest were compounded daily (assume 365 days in a year)? $
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