Concept explainers
For Exercises 31 and 32, use
Compound Interest. A firm deposits $3200 in a savings account for 2 years. At the beginning of the second year, an additional $1800 is deposited. If a of $5207 is in the account at the end of the second year, what is the annual interest rate?
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Student's Solutions Manual For Elementary And Intermediate Algebra: Concepts And Applications
- For exercises 17 and 18, use this scenario: A retired woman has $50,000 to invest but needs to make $6,000 a yearfrom the interest to meet certain living expenses. One bond investment pays 15% annual interest. The rest of it shewants to put in a CD that pays 7%. 17. If we let xbe the amount the woman invests in the 15% bond, how much will she be able to invest in the CD?arrow_forwardWhat interest rate would you need to get to double an investment of 200 in eight years?arrow_forwardKyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from, allcompounding daily. Her goal is to have 15,000 bythe time she finishes graduate school in 6 years. Tothe nearest hundredth of a percent, what should herminimum annual interest rate be in order to reach hergoal? (Hint: solve the compound interest formula forthe interest rate.)arrow_forward
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