The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal Rate Compounded Time $8000 6% annually 3 years
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. A. Find how much money there will be in the account after the given number of years. B. Find the interest earned. Click the icon to view some finance formulas. A. The amount of money in the account after 3 years is $ (Round to the nearest hundredth as needed.) B. The amount of interest earned is $ (Round to the nearest hundredth as needed.) Principal Rate Compounded Time $8000 6% annually 3 years
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
Question
Transcribed Image Text:The principal represents an amount of money deposited in a savings account subject to compound interest
at the given rate.
A. Find how much money there will be in the account after the given number of years.
B. Find the interest earned.
Click the icon to view some finance formulas.
A. The amount of money in the account after 3 years is $
(Round to the nearest hundredth as needed.)
B. The amount of interest earned is $
(Round to the nearest hundredth as needed.)
Principal
Rate
Compounded
Time
$8000
6%
annually
3 years
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