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 = P
nt
P = 
A = PertY = n - 1
Principal: $9500
Rate: 4.5%
Compounded: monthly
Time: 4 years
◦ amount in account: $9936.43; interest earned: $436.43
◦ amount in account: $9643.30; interest earned: $143.30
◦ amount in account: $11,369.74; interest earned: $1869.74
◦ amount in account: $13,206.04; interest earned: $1828.93
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 = PntP = A = PertY = n - 1
Principal: $6000
Rate: 6.5%
Compounded: daily
Time: 4.5 years
◦ amount in account: $7965.71; interest earned: $1965.71
◦ amount in account: $6402.92; interest earned: $402.92
◦ amount in account: $8038.42; interest earned: $2038.42
◦ amount in account: $111,510.86; interest earned: $105,510.86
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