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nene02
Junior Member
USA
3 Posts |
 Posted - 09/28/2010 : 10:29:15
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We depsoited $75,000 into a savings account which pays 3.6% annual interest, compinded quarterly.
a How long after the money is deposited will the account blalnce be $9,750?
b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months |
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Subhotosh Khan
Advanced Member
USA
9114 Posts |
Posted - 09/28/2010 : 20:03:22
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quote:
Originally posted by nene02
We depsoited $75,000 into a savings account which pays 3.6% annual interest, compinded quarterly.
a How long after the money is deposited will the account blalnce be $9,750?
b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months
Please show us your work, indicating exactly where you are stuck - so that we may know where to begin to help you |
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nene02
Junior Member
USA
3 Posts |
Posted - 09/29/2010 : 11:03:18
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so far for 1a. i did this
A=9750(1+0.036/4)4(1)
A=9750(1.009)4
A=$10,10576
B. A=1200(1+0.036/4)4(6)
A=1200(1.009)24
A=$14,878.84 |
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Subhotosh Khan
Advanced Member
USA
9114 Posts |
Posted - 09/30/2010 : 21:56:01
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quote:
Originally posted by nene02
We depsoited ?$75,000? into a savings account which pays 3.6% annual interest, compinded quarterly.
a How long after the money is deposited will the account blalnce be $9,750? ?<<< Why is the account balance less than the amount deposited.?
b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months
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Interactive Math Goodies Software
Elementary Math
