You have answered 0 out of 3 parts correctly. You have 2 attempts remaining. If you need $30,000 four years from now, determine the minimum amount of money you need to deposit into a bank account that pays 7% annual interest, compounded: (Round each answer to the nearest cent.) a. Annually: $ 27715.4 b. Monthly: $ 27695.5 c. Daily: $ 0

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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You have answered 0 out of 3 parts correctly. You have 2 attempts remaining.
If you need $30,000 four years from now, determine the minimum amount of money you need to deposit into a bank account
that
pays
7% annual interest, compounded: (Round each answer to the nearest cent.)
a. Annually:
$ 27715.4
b. Monthly:
$ 27695.5
c. Daily: $ 0
Transcribed Image Text:You have answered 0 out of 3 parts correctly. You have 2 attempts remaining. If you need $30,000 four years from now, determine the minimum amount of money you need to deposit into a bank account that pays 7% annual interest, compounded: (Round each answer to the nearest cent.) a. Annually: $ 27715.4 b. Monthly: $ 27695.5 c. Daily: $ 0
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