Nicole will be starting University next Fall. She wishes to invest $7000.00 saved from her summer job.
Question:
(a) How much will Nicole receive after one year if she invests at the one-year rate?
(b) How much will Nicole receive after one year if she invests for six months at a time at 2.6% and then 2.9%?
(c) What would the one-year rate have to be to yield the same amount of interest as the investment in part (b)?
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a r 00275 t 1 year S 70001 00275 1 719250 b For the first six months P 7000 r ...View the full answer
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Related Book For 
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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