Suppose that you have opened a saving account with an initial deposit of $5,600. The account offers an annual interest rate of 7.5% compounded weekly. (a) What will be the value of the investment after 15 years? (b) How long it will take for the investment to reach a value of $7,800? (c) What should be the annual interest rate so that the worth value of the investment reaches $7,000 in only 10 years?
Suppose that you have opened a saving account with an initial deposit of $5,600. The account offers an annual interest rate of 7.5% compounded weekly. (a) What will be the value of the investment after 15 years? (b) How long it will take for the investment to reach a value of $7,800? (c) What should be the annual interest rate so that the worth value of the investment reaches $7,000 in only 10 years?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Suppose that you have opened a saving account with an initial deposit of $5,600. The account offers an annual interest rate of 7.5% compounded weekly.
(a) What will be the value of the investment after 15 years?
(b) How long it will take for the investment to reach a value of $7,800?
(c) What should be the annual interest rate so that the worth value of the investment reaches $7,000 in only 10 years?
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