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Manuel wants to invest an inheritance of $26,000 for one year. His credit union offers 7.46% for a one-year term or 7.41
Posted: Wed Jul 06, 2022 11:50 am
by answerhappygod
- Manuel Wants To Invest An Inheritance Of 26 000 For One Year His Credit Union Offers 7 46 For A One Year Term Or 7 41 1 (32.4 KiB) Viewed 13 times
Manuel wants to invest an inheritance of $26,000 for one year. His credit union offers 7.46% for a one-year term or 7.41% for a six-month term. (a) How much will Manuel have after one year if he invests at the one-year rate? (b) How much will Manuel have after one year if he invested for six months at a time at 7.41% each time? (c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part (b)?