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a) You want to have a total of $4000 in two years so that you can put a hot tub on you deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years?

a) You want to have a total of $4000 in two years so that you can put a hot tub on you deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years?

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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a) You want to have a total of $4000 in two years so that you can put a hot tub on your deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years? b) Celia plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money that she puts it into an account that earns 4.25% interest compounded semi-annually. How much will be in Celia's account at the end of four years?
Transcribed Image Text:a) You want to have a total of $4000 in two years so that you can put a hot tub on your deck. You find an account that pays 5% interest compounded monthly. How much should you put into this account so that you will have $4000 at the end of two years? b) Celia plans to put her graduation money into an account and leave it there for 4 years while she goes to college. She receives $750 in graduation money that she puts it into an account that earns 4.25% interest compounded semi-annually. How much will be in Celia's account at the end of four years?
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Calculus For The Life Sciences
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ISBN:
9780321964038
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GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
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