Suppose $600 is deposited into an account every quarter. The account earns 1.5% interest, compounded quarterly. a.
Question:
Suppose $600 is deposited into an account every quarter. The account earns 1.5% interest, compounded quarterly.
a. What is the future value of the account after 5 years?
b. Write the future value function if x represents the number of quarters.
c. Use a graphing calculator to graph the future value function.
d. Using the graph, what is the approximate balance after 3 years?
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Step by Step Answer:
600 x 15 6650 x 6 quarters We can also solve this problem by ...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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