Author Question: The principal represents an amount of money deposited in a savings account subject to compound ... (Read 151 times)

fahad · **on:** Feb 2, 2020

Question 1

A bank offers a CD that pays a simple interest rate of 8%. How much must you put in this CD now in order to have $13,760 to replace all the windows in your house in 9 years?
◦ $576
◦ $8000
◦ $5760
◦ $11,520

Question 2

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.

A = P

^nt

P =

A = Pe^rt

Y =

ⁿ - 1

Principal: $9000
Rate: 4%
Compounded: annually
Time: 3 years
◦ amount in account: $10,146.78; interest earned: $1146.78
◦ amount in account: $28,080.00; interest earned: $19,080.00
◦ amount in account: $10,123.78; interest earned: $1123.78
◦ amount in account: $1,125,000.00; interest earned: $1,116,000.00

Jadwiga9 · **Reply #1 on:** Feb 2, 2020

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