MATH
hmwrkchap8ques29.pdf

# hmwrkchap8ques29.pdf - Since this is compounded interest we...

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Since this is compounded interest, we need to use the second formula. n = 12 since this is compounded monthly t = 30 since there are 30 years between age 35 and 65 r = 0.06 P = \$40 since that’s the initial investment Each operation that is done together needs its own set of parentheses so that the calculator knows what you are asking: (40 ( (1 + (0.06/12))^(12*30) – 1 ) )
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• Spring '14
• Lin,Zongzhu

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