Question 1
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find how much money will be in the account after the given number of years (Assume 360 days in a year.), and how much interest was earned.Question 2
If you placed $1 into an account that paid interest at a rate of 5% and compounded the interest monthly, how much would that account be worth in 300 years?Answer 1
amount in account: $134,429.67; interest earned: $104,429.67Answer 2
$3,168,714.47