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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 32
Solve the following exercises and word problems by using the present value formula
Alana and Eva Rodriguez are planning a cross-country road trip in 3 years. They estimate $6,000 will be needed to cover expenses. The National Bank of Pinecrest is offering a 3-year CD paying 3.62% interest compounded quarterly.
a. How much should they set aside now to achieve their goal? Round to the nearest whole dollar.
b. How much interest will Alana and Eva earn on the CD?
Alana and Eva Rodriguez are planning a cross-country road trip in 3 years. They estimate $6,000 will be needed to cover expenses. The National Bank of Pinecrest is offering a 3-year CD paying 3.62% interest compounded quarterly.
a. How much should they set aside now to achieve their goal? Round to the nearest whole dollar.
b. How much interest will Alana and Eva earn on the CD?
Explanation
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Alana and Eva Rodriguez are planning a c...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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