If P dollars is deposited in a bank that compounds interest n times a year, the value
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If P dollars is deposited in a bank that compounds interest n times a year, the value of the account after t years is found by evaluating P(1 + i/n)nt, where i is the annual interest rate. Find the value of an account for which P = $1000, i = 2%, n = 2, and t = 3 years (values are exact).
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Using the formula given we can find the value of the ...View the full answer
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Related Book For
Basic Technical Mathematics
ISBN: 9780137529896
12th Edition
Authors: Allyn J. Washington, Richard Evans
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