You invest $10,000 in Rapid Growth Funds, which appreciate by 3% per year, with yields reinvested quarterly. By how much (in dollars) will your investment have grown after 3 years? (Round youranswer to the nearest cent.)$10938.07 X

First we will find amount after 3 years of investment

Answered: You invest $10,000 in Rapid Growth…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CT: Chapter Test

Problem 14CT

See similar textbooks

Similar questions

Self Check A man invests 12,000, part at 7 and the rest at 9. If the annual income from these investments is 965, how much was invested at each rate?
Megan invested $21,000 in a savings account. If the interest rate is 5%, how much will be in the account in 8 years by each method of compounding? a. compound quarterly b. compound monthly c. compound continuously.
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?
Discuss how big is a billion? If you had a million (106) dollars in a suitcase and you spend $1000 each day, how many years would it take you to use all the money if you spend at the same rate, how many years would it take you to empty a suitcase filled with a billion (109) dollars?

Recommended textbooks for you

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

College Algebra

Algebra

ISBN:

9781337282291

Author:

Ron Larson

Publisher:

Cengage Learning

Intermediate Algebra

Algebra

ISBN:

9781285195728

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

College Algebra

Algebra

ISBN:

9781337282291

Author:

Ron Larson

Publisher:

Cengage Learning

Intermediate Algebra

Algebra

ISBN:

9781285195728

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Glencoe Algebra 1, Student Edition, 9780079039897…

Algebra

ISBN:

9780079039897

Author:

Carter

Publisher:

McGraw Hill

Algebra and Trigonometry (MindTap Course List)

Algebra

ISBN:

9781305071742

Author:

James Stewart, Lothar Redlin, Saleem Watson

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

You invest $10,000 in Rapid Growth Funds, which appreciate by 3% per year, with yields reinvested quarterly. By how much (in dollars) will your investment have grown after 3 years? (Round your answer to the nearest cent.) $ 10938.07