Suppose you found a CD that pays 2.7% interest compounded monthly for 3 years. If you deposit $8,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.) What was the interest earned? (Round to the nearest cent.) Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to deposit now? (Round to the nearest cent.)
Suppose you found a CD that pays 2.7% interest compounded monthly for 3 years. If you deposit $8,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.) What was the interest earned? (Round to the nearest cent.) Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to deposit now? (Round to the nearest cent.)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:Suppose you found a CD that pays 2.7% interest compounded monthly for 3 years.
If you deposit $8,000 now, how much will you have in the account in 3 years? (Round to the nearest cent.)
What was the interest earned? (Round to the nearest cent.)
Now suppose that you would like to have $20,000 in the account in 3 years. How much would you need to
deposit now? (Round to the nearest cent.)
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