This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If you placed $1 into an account that paid interest at a rate of 5% and compounded the interest ... (Read 151 times)

chandani

  • Hero Member
  • *****
  • Posts: 541
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by chandani on Feb 2, 2020

nathang24

  • Sr. Member
  • ****
  • Posts: 314
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.
Answer Preview
Only 56% of students answer this correctly


chandani

  • Member
  • Posts: 541
Reply 2 on: Feb 2, 2020
YES! Correct, THANKS for helping me on my review

zacnyjessica

  • Member
  • Posts: 345
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Acceptable ranges of heart rate Acceptable ranges of heart rate
Situations Causing Changes in Respiratory Rate Situations Causing Changes in Respiratory Rate
Factors Affecting the Environmental Lapse Rate (ELR): Heating or Cooling of the Lower Atmosphere Factors Affecting the Environmental Lapse Rate (ELR): Heating or Cooling of the Lower Atmosphere
Target Heart Rate Target Heart Rate
Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ... Find the proceeds of the following promissory note. A five-year, $4500.00 note bearing interest ...
Compound interest Compound interest
Video: Lactation and Breast Feeding

For a complete list of videos, visit our video library