Question

MH 120 Test Review Protected Vw Microsoft Word seorgnated from an internet location and might be Chick for more details being 2. Two new parents invest $5,000 for their son on the day he is bom. They get an account that gives 6.25% interest, compounded quarterly. When the boy turns 18, how much will the investment account be worth? 3. While shopping at a local antique store, you find a moss-covered, three-handled family gredunza. It's in perfect condition, so you HAVE to have it. You pay $750 with your credit card. If the credit card has an 18.9% interest rate, compounded continuously, how much will you owe on this balance after three years? 4. After graduation, you decide to live in an apartment for a while. You want to set aside some money so you can make a down payment on a house later. You take some of the money you earn in your first job and put it in an account that pays 5.5% interest, compounded continuously. If you want the account to be worth $15,000 in six years, how much do you need to invest now?

Answer 1

3. Thus the investment account will be worth of $15,267.70 at the end of 18 years compounded quarterly.

According to HOMEWORKLIB RULES only first question is to be answered where there are multiple questions so the next two questions are unanswered.

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