If you invest $1,000 in a savings account that pays 5.25% interest compounded monthly, use a calculator to find out what the value of your account be after 18 years? Give your answer to the nearest whole dollar. Use the review below to find the equation for compound interest.
Your rich uncle leaves you $10,000 in his will. You place the money in a checking account that does not pay any interest. Each year you spend 14.5% of the money remaining in your checking account. How much will you have left in your checking account after 7 years? Use the review below to find the equation for exponential decay. Give your answer in whole dollars.