A man invests $5000 in an account that pays 7.5% interest per year, compounded quarterly.(a) Find the amount after 2 years? (Round your answer to the nearest cent.)$(b) How long will it take for the investment to triple? (Round your answer to two decimal places.)x yr

Step 1: The calculation of the future value of the investment after 2 years AB1Investment $5,000.00…

Answered: A man invests $5000 in an account that…

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 19E

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A man invests $5000 in an account that pays 7.5% interest per year, compounded quarterly. (a) Find the amount after 2 years? (Round your answer to the nearest cent.) $ (b) How long will it take for the investment to triple? (Round your answer to two decimal places.) x yr