Use the formulas
and
to solve this exercise. You plan to invest $8000 for 3 years at an annual rate of 8%. How much more is the return if the interest is compounded continuously than monthly? Round to the nearest dollar.
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Chapter 9 Solutions
Intermediate Algebra for College Students - Learning Guide
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- In the following exercises, solve. 387. Sayed deposits $20,000 in an investment account. What will be the value of his investment in 30 years if the investment is earning 7% per year and is compounded continuously?arrow_forwardAlyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500. How much will the account be worth in 2025 if interest compounds monthly? How much more wouldshe make if interest compounded continuously?arrow_forward
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