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Zina [86]
3 years ago
6

Alex wants to have $3000 in his bank account after 4 years. If the account earns 6% interest compounded 2 times per year, how mu

ch should he put in? Round to the nearest cent. A. $2863.32 B. $2238.36 C. $2633.82 D. $2368.23
Mathematics
2 answers:
olasank [31]3 years ago
7 0
3000 = p( 1 + .06/2)^(4 * 2) 

3000 = p(1.03)⁸ 

p = 3000/ 1.03⁸ 

p = 2368.2277029 

<span>$2368.23 <-----</span>
lesantik [10]3 years ago
3 0
3000 = p( 1 + .06/2)^(4 * 2) 

<span>3000 = p(1.03)⁸ </span>

<span>p = 3000/ 1.03⁸ </span>

<span>p = 2368.2277029 </span>

<span>$2368.23 <-----</span>
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$2353 at 12.5% and $7647 at 8.25%

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I'll say a is the amount he invested in one market, and b is the amount in the other.

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