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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 104
Solve the following exercises and word problems using formulas.
Quinn and Julius inherited $50,000 each from their great-grandmother's estate. Quinn invested her money in a 5-year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% compounded monthly.
a. How much money will each have in 5 years? Round to the nearest whole dollar.
b. How much compound interest will they each have earned at the end of the 5 years?
Quinn and Julius inherited $50,000 each from their great-grandmother's estate. Quinn invested her money in a 5-year CD paying 1.6% interest compounded semiannually. Julius deposited his money in a money market account paying 1.05% compounded monthly.
a. How much money will each have in 5 years? Round to the nearest whole dollar.
b. How much compound interest will they each have earned at the end of the 5 years?
Explanation
Verified
Verified
(a)
Calculation for Q:
Given,
Q invest...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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