Use a spreadsheet or financial program on a calculator or computer. Track the future values of two investments of $5000, one at 6.4% compounded quarterly and another at 6.4% compounded monthly for each interest payment period for 10 years. (a) How long does it take each investment to be worth more than $7500? (Round your answers to one decimal place.) 6.4% compounded quarterly      yr 6.4% compounded monthly      yr (b) What are the values of each investment after 3 years? (Round your answers to the nearest cent.) 6.4% compounded quarterly     $  6.4% compounded monthly     $  What are the values of each investment after 7 years? (Round your answers to the nearest cent.) 6.4% compounded quarterly     $  6.4% compounded monthly     $  What are the values of each investment after 10 years? (Round your answers to the nearest cent.) 6.4% compounded quarterly     $  6.4% compounded monthly     $

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Use a spreadsheet or financial program on a calculator or computer.

Track the future values of two investments of $5000, one at 6.4% compounded quarterly and another at 6.4% compounded monthly for each interest payment period for 10 years.

(a) How long does it take each investment to be worth more than $7500? (Round your answers to one decimal place.)
6.4% compounded quarterly      yr
6.4% compounded monthly      yr

(b) What are the values of each investment after 3 years? (Round your answers to the nearest cent.)
6.4% compounded quarterly    
6.4% compounded monthly    

What are the values of each investment after 7 years? (Round your answers to the nearest cent.)
6.4% compounded quarterly    
6.4% compounded monthly    

What are the values of each investment after 10 years? (Round your answers to the nearest cent.)
6.4% compounded quarterly    
6.4% compounded monthly    
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