Suppose that $80,000 is invested at 6% interest. Find the amount of money in the account after 3 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t = 3 years? S (Do not round until the final answer. Then round to the nearest cent as needed.)

Suppose that $80,000 is invested at 6% interest. Find the amount of money in the account after 3 years if the interest is compounded annually. If interest is compounded annually, what is the amount of money after t = 3 years? S (Do not round until the final answer. Then round to the nearest cent as needed.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...

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New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will pay interest per year which is compounded monthly. How much will be in the child's account at his twenty-first birthday?
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?

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