Answer
1167
Work Step by Step
Using the equation for effective annual yield, we find:
$$ = 1000 + \frac{3500-1000}{15} \\ = 1000 + 167 \\ =1167$$
Functions Modeling Change: A Preparation for Calculus, 5th Edition
by Connally, Eric; Hughes-Hallett, Deborah; Gleason, Andrew M.; Cheifetz, Phil C.
Published by
Wiley
ISBN 10:
1118583191
ISBN 13:
978-1-11858-319-7
Chapter 4 - Exponential Functions - 4.4 Applications to Compound Interest - Exercises and Problems for Section 4.4 - Exercises and Problems - Page 167: 1
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