6.1 Notes - b) At 14% compounded monthly c) At 14%...

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Finite Math Section 6.1 Compound Interest Formula (Page 265) t m m r 1 P A = P(1+i) n A = the accumulated or future balance; P = the principal or present balance; r = annual interest rate in decimal form; m = number of compounding periods per year; t = time in years m r i = interest rate per period; n = mt = total number of interest periods Continuous Compounding P. 275 #10) How much will be accumulated in an account if $10,000 is deposited for 4 months a) At 14% simple interest
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Unformatted text preview: b) At 14% compounded monthly c) At 14% compounded daily #34) Ramero plans to buy a new cart three years from now. Rather than borrow at that time, he plans to invest part of a small inheritance at 7.5% compounded semiannually to cover the estimated $6000 trade-in difference. How much does he need to invest if he starts investing now? #40) How many years will be required to turn $10,000 in to $25,000 if the interest rate is 8% compounded quarterly?...
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6.1 Notes - b) At 14% compounded monthly c) At 14%...

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