Suppose $22,000 is invested in an account with an APR of 5.3%. a. If the interest is compounded annually, how much interest is earned over the first 6 years?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.32TI: Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account...
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Suppose $22,000 is invested in an account with an APR of 5.3%.
a. If the interest is compounded annually, how much interest is earned over the first 6 years?
2$
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b. If the interest is compounded monthly, how much interest is earned over the first 6 years?
2$
Preview
c. If the interest is compounded daily, how much interest is earned over the first 6 years?
Preview
d. If the interest is compounded continuously, how much interest is earned over the first 6 years?
24
Preview
Transcribed Image Text:Suppose $22,000 is invested in an account with an APR of 5.3%. a. If the interest is compounded annually, how much interest is earned over the first 6 years? 2$ Preview b. If the interest is compounded monthly, how much interest is earned over the first 6 years? 2$ Preview c. If the interest is compounded daily, how much interest is earned over the first 6 years? Preview d. If the interest is compounded continuously, how much interest is earned over the first 6 years? 24 Preview
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