River spends $225 a year on lottery tickets. After 15 years, their total winnings are $1200. Suppose River had invested the money they spend on lottery tickets in an account t earns 6% per year compounded annually. How much would River have accumulated years?
River spends $225 a year on lottery tickets. After 15 years, their total winnings are $1200. Suppose River had invested the money they spend on lottery tickets in an account t earns 6% per year compounded annually. How much would River have accumulated years?
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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Transcribed Image Text:River spends $225 a year on lottery tickets.
After 15 years, their total winnings are $1200.
Suppose River had invested the money they spend on lottery tickets in an account t
earns 6% per year compounded annually. How much would River have accumulated
years?
Using the TVM Solver, what value will you put for N?
TVM Solver
N =
1% =
PV =
PMT=0
FV =
P/Y=1
C/Y = 1
X
+/-
Solve for N
Solve for 1%
Solve for PV
Solve for PMT
Solve for FV
Clear
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