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Use the compound interest formula A =P to compute the total amount after $4500 is invested at 5% over 5 years compounded daily. (Use n= 365.) Then compute the interest earned. The total amount is $ (Round to the nearest cent.) The interest earned is $ (Round to the nearest cent.)

Use the compound interest formula A =P to compute the total amount after $4500 is invested at 5% over 5 years compounded daily. (Use n= 365.) Then compute the interest earned. The total amount is $ (Round to the nearest cent.) The interest earned is $ (Round to the nearest cent.)

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.1: Exponential Functions
Problem 4E
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Use the compound interest formula A =P 1+ to compute the total amount after $4500 is invested at 5% over 5 years compounded daily. (Use n= 365.) Then compute the interest earned. The total amount is $ (Round to the nearest cent.) The interest earned is $ (Round to the nearest cent.) MacBook 20 888 esc F4 FS F2 F3 24
Transcribed Image Text:Use the compound interest formula A =P 1+ to compute the total amount after $4500 is invested at 5% over 5 years compounded daily. (Use n= 365.) Then compute the interest earned. The total amount is $ (Round to the nearest cent.) The interest earned is $ (Round to the nearest cent.) MacBook 20 888 esc F4 FS F2 F3 24
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