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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 76
Solve the following word problems by using Table 11-2.
Samantha Wimberly is planning a vacation in Europe in 4 years, after graduation. She estimates that she will need $3,500 for the trip.
a. If her bank is offering 4-year certificates of deposit with 8% interest compounded quarterly, how much must Samantha invest now to have the money for the trip?
b. How much compound interest will be earned on the investment?
Samantha Wimberly is planning a vacation in Europe in 4 years, after graduation. She estimates that she will need $3,500 for the trip.
a. If her bank is offering 4-year certificates of deposit with 8% interest compounded quarterly, how much must Samantha invest now to have the money for the trip?
b. How much compound interest will be earned on the investment?
Explanation
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Samantha Wimberly is planning a vacation...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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