2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.

2. To save for college, Charlie invested his summer earnings of $4200 in an account with 6.2% interest, compound semi-annually. He plans to leave the money in the account for 4 years. a) What amount of money will she have at the end for 4 years? b) He had the option of investing the money at 7% compounded annually for the same term. Do you think he made the right decision? Why or why not? Support your answer with a calculation.

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter2: Exponential, Logarithmic, And Trigonometric Functions

Section2.1: Exponential Functions

Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...

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