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Concept explainers
(a)
To calculate: The total worth of the investment when the certificate matured from the following investment;
1: Deposition of $10,000 at 8% compounded semiannually in a 3-year certificate of deposit.
2: After 3 years, the maturity value was extracted and another $5,000 to buy a 4-year, 6% certificate compounded quarterly.
3: When the certificate matured another $8,000 were and a 3-year, 7% certificate a 3-year, 7% certificate compounded annually was bought.
(b)
To calculate: The total amount of compound interest earned over the period of 10 years, if the provided investment is;
1: Deposition of $10,000 at 8% compounded semiannually in a 3-year certificate of deposit.
2: After 3 years, the maturity value was extracted and another $5,000 to buy a 4-year, 6% certificate compounded quarterly.
3: When the certificate matured another $8,000 were and a 3-year, 7% certificate a 3-year, 7% certificate compounded annually was bought.
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Chapter 11 Solutions
EBK CONTEMPORARY MATHEMATICS FOR BUSINE
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education
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