What was the net return on each investment. calculate the total entrance of both accounts

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.3: Geometric Sequences
Problem 81E
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What was the net return on each investment. calculate the total entrance of both accounts
10 of 10
nvestment Activity (Grou.
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Jon was born on March 1, 1983. On the day he was
born, Jon's grandfather made an investment of $1,000
in Jon's name at a simple interest rate of 8%. On
Jon's first birthday, his father opened an investment
account for Jon at a different bank with an initial deposit
of $2,500. This account has a compound annual
interest rate of 4.5%. Jon learns about these accounts
after finishing graduate school and decides to close the
accounts on September 1, 2018 and reinvest the
money into his retirement account.
US
国
Transcribed Image Text:10 of 10 nvestment Activity (Grou. Submit Jon was born on March 1, 1983. On the day he was born, Jon's grandfather made an investment of $1,000 in Jon's name at a simple interest rate of 8%. On Jon's first birthday, his father opened an investment account for Jon at a different bank with an initial deposit of $2,500. This account has a compound annual interest rate of 4.5%. Jon learns about these accounts after finishing graduate school and decides to close the accounts on September 1, 2018 and reinvest the money into his retirement account. US 国
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