Suppose $15,000 is invested for 20 years at 6.3% interest. (a) To the nearest cent, determine...

 

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Suppose $15,000 is invested for 20 years at 6.3% interest. (a) To the nearest cent, determine the amount in the account after 12 years if the account earns simple interest. (b) To the nearest cent, determine the amount in the account after 12 years if the account earns interest compounded quarterly. Suppose $15,000 is invested for 20 years at 6.3% interest. (a) To the nearest cent, determine the amount in the account after 12 years if the account earns simple interest. (b) To the nearest cent, determine the amount in the account after 12 years if the account earns interest compounded quarterly.

Answer rating: 100% (QA)

a For simple interest the amount in the account after 12 years is A P1 rt where A re... View the full answer