Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years if a principal amount of $12,000 is deposited in an account at an annual interest rate of 5%and the interest is compounded quarterly. The amount after 7 years will be $_______
Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years if a principal amount of $12,000 is deposited in an account at an annual interest rate of 5%and the interest is compounded quarterly. The amount after 7 years will be $_______
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 11E
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Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years if a principal amount of $12,000 is deposited in an account at an annual interest rate of 5%
and the interest is compounded quarterly.
and the interest is compounded quarterly.
The amount after 7 years will be $_______
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