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Author Question: If you placed $1 into an account that paid interest at a rate of 5% and compounded the interest ... (Read 112 times)

chandani

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on: Feb 2, 2020

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.

A = PntP = A = PertY = n - 1

Principal: $30,000
Rate: 7.5%
Compounded: daily
Time: 20 years
◦ amount in account: $134,430.77; interest earned: $104,430.77
◦ amount in account: $127,435.53; interest earned: $97,435.53
◦ amount in account: $32,336.27; interest earned: $2336.27
◦ amount in account: $134,429.67; interest earned: $104,429.67

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?
◦ $3.48
◦ $1,584,357.24
◦ $1793.99
◦ $3,168,714.47
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by chandani on Feb 2, 2020

nathang24

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Reply #1 on: Feb 2, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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chandani

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Reply 2 on: Feb 2, 2020
Thanks for the timely response, appreciate it

Missbam101

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Reply 3 on: Yesterday
Excellent

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