Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 2 - Section 2.3 - Formulas and Problem Solving - Exercise Set - Page 73: 26

Answer

If n=1:$A=11983$ dollars If n=2:$A=12136$ dollars If n=4:$A=12216$ dollars If n=12:$A=12270$ dollars If n=365:$A=12297$ dollars

Work Step by Step

$A=P(1+\frac{r}{n})^{nt}$ If n=1: $A=5000(1+\frac{.06}{1})^{1*15}$ $A=11983$ If n=2: $A=5000(1+\frac{.06}{2})^{2*15}$ $A=12136$ If n=4: $A=5000(1+\frac{.06}{4})^{4*15}$ $A=12216$ If n=12: $A=5000(1+\frac{.06}{12})^{12*15}$ $A=12270$ If n=365: $A=5000(1+\frac{.06}{365})^{365*15}$ $A=12297$
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