Stitz-Zeager_College_Algebra_e-book

# 422 hooked on conics this equation is for an ellipse

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Unformatted text preview: for regular savings accounts was 0.25% compounded monthly. Use Equation 6.2 to answer the following. (a) If P = 2000 what is A(8)? (b) Solve the equation A(t) = 4000 for t. (c) What principal P should be invested so that the account balance is \$2000 is three years? 2. Jeﬀ’s bank also oﬀers a 36-month Certiﬁcate of Deposit (CD) with an APR of 2.25%. (a) If P = 2000 what is A(8)? (b) Solve the equation A(t) = 4000 for t. (c) What principal P should be invested so that the account balance is \$2000 is three years? (d) The Annual Percentage Yield is the simple interest rate that returns the same amount of interest after one year as the compound interest does. With the help of your classmates, compute the APY for this investment. 3. A ﬁnance company oﬀers a promotion on \$5000 loans. The borrower does not have to make any payments for the ﬁrst three years, however interest will continue to be charged to the loan at 29.9% compounded continuously. What amount will be due at the end of the three year period, assuming no pay...
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## This note was uploaded on 05/03/2013 for the course MATH Algebra taught by Professor Wong during the Fall '13 term at Chicago Academy High School.

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