Suppose $1687 are deposited in an account paying 8% annual interest for 12 years. If $5061 had been deposited instead of $1687, would there be thrice the money in the account after 12 years? a. No, more than three times as much total interest would have been paid on the larger account. b. No, ess than three times as much total interest would have been paid on the larger account. c. Yes, this is equivalent to having three accounts, each containing $1687 initially

Suppose $1687 are deposited in an account paying 8% annual interest for 12 years. If $5061 had been deposited instead of $1687, would there be thrice the money in the account after 12 years? a. No, more than three times as much total interest would have been paid on the larger account. b. No, ess than three times as much total interest would have been paid on the larger account. c. Yes, this is equivalent to having three accounts, each containing $1687 initially

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 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...

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