Suppose that $70000 is invested at 9% interest per year. Find the amount of money in the account after 6 years if the interest is compounded annually. Find the amount of money in the account after 6 years if the interest is compounded continuously.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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If interest is compounded annually, what is the amount of money at t= 6 years?
Suppose that $70000 is invested at 9% interest per year. Find the amount of
money in the account after 6 years if the interest is compounded annually. Find the s
amount of money in the account after 6 years if the interest is compounded
continuously.
(Simplify your answer. Type an integer or a decimal. Round to the nearest cent if
needed.)
If interest is compounded continuously, what is the amount of money at t= 6
years?
(Simplify your answer Type an integer or a decimal. Round to the nearest cent if
needed.)
Transcribed Image Text:If interest is compounded annually, what is the amount of money at t= 6 years? Suppose that $70000 is invested at 9% interest per year. Find the amount of money in the account after 6 years if the interest is compounded annually. Find the s amount of money in the account after 6 years if the interest is compounded continuously. (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.) If interest is compounded continuously, what is the amount of money at t= 6 years? (Simplify your answer Type an integer or a decimal. Round to the nearest cent if needed.)
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