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**Unformatted text preview: **Section 8.3 Applications of Exponential Functions 799 Version: Fall 2007 8.3 Exercises 1. Suppose that you invest $15,000 at 7% interest compounded monthly. How much money will be in your account in 4 years? Round your answer to the nearest cent. 2. Suppose that you invest $14,000 at 3% interest compounded monthly. How much money will be in your account in 7 years? Round your answer to the nearest cent. 3. Suppose that you invest $14,000 at 4% interest compounded daily. How much money will be in your account in 6 years? Round your answer to the nearest cent. 4. Suppose that you invest $15,000 at 8% interest compounded monthly. How much money will be in your account in 8 years? Round your answer to the nearest cent. 5. Suppose that you invest $4,000 at 3% interest compounded monthly. How much money will be in your account in 7 years? Round your answer to the nearest cent. 6. Suppose that you invest $3,000 at 5% interest compounded monthly. How much money will be in your account in 4 years? Round your answer to the nearest cent. 7. Suppose that you invest $1,000 at 3% interest compounded monthly. How much money will be in your account in 4 years? Round your answer to the nearest cent. Copyrighted material. See: http://msenux.redwoods.edu/IntAlgText/ 1 8. Suppose that you invest $19,000 at 2% interest compounded daily. How much money will be in your account in 9 years? Round your answer to the nearest cent. 9. Suppose that you can invest money at 4% interest compounded monthly. How much should you invest in order to have $20,000 in 2 years? Round your answer to the nearest cent. 10. Suppose that you can invest money at 6% interest compounded daily. How much should you invest in order to have $1,000 in 2 years? Round your answer to the nearest cent. 11. Suppose that you can invest money at 3% interest compounded daily. How much should you invest in order to have $20,000 in 3 years? Round your answer to the nearest cent....

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