A bank offers an investment account with an annual interest rate of 1.27% compounded annually. Dan invests $3800 into the account for 3 years. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Assuming no withdrawals are made, how much money is in Dan's account after 3 years? $0 (b) How much interest is earned on Dan's investment after 3 years?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
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A bank offers an investment account with an annual interest rate of 1.27% compounded annually. Dan invests $3800 into the account for 3 years.
Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the
list of financial formulas.
(a) Assuming no withdrawals are made, how much money is in Dan's account
after 3 years?
(b) How much interest is earned on Dan's investment after 3 years?
$0
Explanation
Check
A
E
© 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility
Transcribed Image Text:esc A bank offers an investment account with an annual interest rate of 1.27% compounded annually. Dan invests $3800 into the account for 3 years. Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Assuming no withdrawals are made, how much money is in Dan's account after 3 years? (b) How much interest is earned on Dan's investment after 3 years? $0 Explanation Check A E © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility
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