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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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Chapter 11 Solutions
Pearson eText Elementary and Intermediate Algebra: Concepts and Applications -- Instant Access (Pearson+)
- You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5 years, the balance is $3544.06. What is the annual interest rate?arrow_forwardWhat interest rate would you need to get to double an investment of 200 in eight years?arrow_forwardInterest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other pays 5.9% compounded monthly. If he plans to invest 18,000 for 2 years, which investment should he choose? How much extra interest will he earn by making the better choice?arrow_forward
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