You are a rising star in the music industry and you have just received word that you will be rewarded with a $500,000 bonus this year. As your chauffeur drives you home in the company's limousine, you call your accountant, who suggests investing your bonus in a high-yield account offering 12.6 % continuous interest. A friend you knew in college, however, wants you to invest your bonus in his restaurant business, and has promised 12.6 % interest, compounded quarterly. You want to compare both accounts before making a decision, so you crunch the numbers to find out: HOW LONG WILL IT TAKE TO EARN AN EXTRA $100,000? WHEN WILL THE ACCOUNT HAVE $750,000? HOW LONG WILL IT TAKE TO DOUBLE MY MONEY?

You are a rising star in the music industry and you have just received word that you will be rewarded with a $500,000 bonus this year. As your chauffeur drives you home in the company's limousine, you call your accountant, who suggests investing your bonus in a high-yield account offering 12.6 % continuous interest. A friend you knew in college, however, wants you to invest your bonus in his restaurant business, and has promised 12.6 % interest, compounded quarterly. You want to compare both accounts before making a decision, so you crunch the numbers to find out: HOW LONG WILL IT TAKE TO EARN AN EXTRA $100,000? WHEN WILL THE ACCOUNT HAVE $750,000? HOW LONG WILL IT TAKE TO DOUBLE MY MONEY?

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter2: Working With Real Numbers

Section2.3: Rules For Addition

Problem 8P

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