You invest $2000 in an account that pays an APR of 6%. a. What is the value of the investment after three years if interest is compounded yearly? Round your answer to the nearest cent. b. What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent.
You invest $2000 in an account that pays an APR of 6%. a. What is the value of the investment after three years if interest is compounded yearly? Round your answer to the nearest cent. b. What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent.
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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Question
You invest $2000 in an account that pays
an APR of 6%.
a. What is the value of the investment after three years if interest is compounded
yearly? Round your answer to the nearest cent.
b. What is the value of the investment after three years if interest is compounded
monthly? Round your answer to the nearest cent.
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