Kristi Perez puts $10,500 into an account to save money to buy a car in 12 years.
Question:
Kristi Perez puts $10,500 into an account to save money to buy a car in 12 years. She expects the car of her dreams to cost $30,000 by then. Find the interest rate that is necessary if the interest is computed using the following methods.
a. Compounded quarterly
b. Compounded continuously
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Step by Step Answer:
To find the interest rate necessary for each compounding method we can use the formula for compound ...View the full answer
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Related Book For 
Calculus With Applications
ISBN: 9780321831101
10th Edition
Authors: Margaret L Lial, Raymond N Greenwell, Nathan P Ritchey
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