What is the balance in a college fund after 20 years if $5000 was invested at 5% nt compounded quarterly? Use the formula A = P(1+-)" and round to the nearest dollar.

College Algebra (MindTap Course List)
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ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
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Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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What is the balance in a college fund after 20 years if $5000 was invested at 5%
nt
compounded quarterly? Use the formula A = P(1+ -)™ and round to the
%3D
nearest dollar.
Transcribed Image Text:What is the balance in a college fund after 20 years if $5000 was invested at 5% nt compounded quarterly? Use the formula A = P(1+ -)™ and round to the %3D nearest dollar.
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