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Present Value Compound Interest Problem: Suppose that money is invested in a savings

Precalculus with Trigonometry: Concepts and Applications | 1st Edition | ISBN: 9781559533911 | Authors: Foerster ISBN: 9781559533911 468

Solution for problem 6 Chapter 14-3

Precalculus with Trigonometry: Concepts and Applications | 1st Edition

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Precalculus with Trigonometry: Concepts and Applications | 1st Edition | ISBN: 9781559533911 | Authors: Foerster

Precalculus with Trigonometry: Concepts and Applications | 1st Edition

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Problem 6

Present Value Compound Interest Problem: Suppose that money is invested in a savings account at 6% annual interest, compounded monthly. Because the interest rate is 0.5% per month, the amounts in the account each month form a geometric sequence with common ratio 1.005. a. Find the amount you would have to invest now to have $10,000 at the end of ten years. This amount is called the present value of $10,000. b. If you invest x dollars a month into this account, the total at the end of each month is a partial sum of a geometric series with x as the first term and common ratio 1.005. How much would you have to invest each month in order to have $10,000 at the end of ten years?

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Chapter 14-3, Problem 6 is Solved
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Textbook: Precalculus with Trigonometry: Concepts and Applications
Edition: 1
Author: Foerster
ISBN: 9781559533911

Since the solution to 6 from 14-3 chapter was answered, more than 231 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Precalculus with Trigonometry: Concepts and Applications, edition: 1. Precalculus with Trigonometry: Concepts and Applications was written by and is associated to the ISBN: 9781559533911. The answer to “Present Value Compound Interest Problem: Suppose that money is invested in a savings account at 6% annual interest, compounded monthly. Because the interest rate is 0.5% per month, the amounts in the account each month form a geometric sequence with common ratio 1.005. a. Find the amount you would have to invest now to have $10,000 at the end of ten years. This amount is called the present value of $10,000. b. If you invest x dollars a month into this account, the total at the end of each month is a partial sum of a geometric series with x as the first term and common ratio 1.005. How much would you have to invest each month in order to have $10,000 at the end of ten years?” is broken down into a number of easy to follow steps, and 128 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 106 chapters, and 2321 solutions. The full step-by-step solution to problem: 6 from chapter: 14-3 was answered by , our top Calculus solution expert on 03/16/18, 04:16PM.

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Present Value Compound Interest Problem: Suppose that money is invested in a savings