Find the interest rate (with annual compounding) that makes the statement true. Round to the nearest tenth when necessary. 23) $8000 grows to $8652.80 in 2 years A) 4% B) 2% C) 4.25% D) 2.5% Find the APY corresponding to the given nominal rates. 24) 5% compounded semiannually A) 5.12% B) 5.06% C) 5.09% D) 5.00% Find the amount that should be invested now to accumulate the following amount, if the money is compounded as inindicated. 25) $9000 at 6% compounded semiannually for 4 yr A) $1895.32 B) $7104.68 C) $11,400.93 D) $7128.84 23) 24) 25)
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80 in 2 years, we can use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the amount, P is the principal, r is the interest rate, n is the number of times interest is compounded per year, and t is the time in years. Show more…
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