Find the value of $20,000 at the end of one year if it is invested in an account that has an interest rate of 4.95% and is compounded in accordance with the rules below. a. compounded monthly b. compounded daily (assuming a 365-day year) c. compounded quarterly a. What is the value if the money is compounded monthly? $ (Do not round until the final answer. Then round to the nearest cent as needed.) b.What is the value if the money is compounded daily? $ (Do not round until the final answer. Then round to the nearest cent as needed.) c. What is the value if the money is compounded quarterly?
Find the value of $20,000 at the end of one year if it is invested in an account that has an interest rate of 4.95% and is compounded in accordance with the rules below. a. compounded monthly b. compounded daily (assuming a 365-day year) c. compounded quarterly a. What is the value if the money is compounded monthly? $ (Do not round until the final answer. Then round to the nearest cent as needed.) b.What is the value if the money is compounded daily? $ (Do not round until the final answer. Then round to the nearest cent as needed.) c. What is the value if the money is compounded quarterly?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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![Find the value of $20,000 at the end of one year if it is invested in an account that has an interest rate of 4.95% and is compounded in accordance with the rules
below.
a. compounded monthly
b. compounded daily (assuming a 365-day year)
c. compounded quarterly
a. What is the value if the money is compounded monthly?
$
(Do not round until the final answer. Then round to the nearest cent as needed.)
b.What is the value if the money is compounded daily?
$
(Do not round until the final answer. Then round to the nearest cent as needed.)
c. What is the value if the money is compounded quarterly?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F133b5bd5-fe44-4a71-8c7b-a6bed2f37752%2F9c749ca4-4f8a-45c4-bae8-7d9497eb3455%2Ff53nbm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Find the value of $20,000 at the end of one year if it is invested in an account that has an interest rate of 4.95% and is compounded in accordance with the rules
below.
a. compounded monthly
b. compounded daily (assuming a 365-day year)
c. compounded quarterly
a. What is the value if the money is compounded monthly?
$
(Do not round until the final answer. Then round to the nearest cent as needed.)
b.What is the value if the money is compounded daily?
$
(Do not round until the final answer. Then round to the nearest cent as needed.)
c. What is the value if the money is compounded quarterly?
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