Math Problem Statement
How much would you need to deposit in an account now in order to have $2,000.00 in the account in 9 years if the interest is:
(a) 7.29% simple interest?
(b) 7.29% compounded monthly?
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Compound Interest
Algebra
Formulas
Simple Interest: A = P(1 + rt)
Compound Interest: A = P(1 + r/n)^(nt)
Theorems
Simple Interest Formula
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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