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: $8000
Rate: 4%
Compounded: semiannually
Time: 5 years
◦ amount in account: $8832.65; interest earned: $832.65
◦ amount in account: $11,841.95; interest earned: $3841.95
◦ amount in account: $9733.22; interest earned: $1733.22
◦ amount in account: $9751.96; interest earned: $1751.96
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: $8000
Rate: 6%
Compounded: quarterly
Time: 3 years
◦ amount in account: $9564.95; interest earned: $1564.95
◦ amount in account: $8365.43; interest earned: $365.43
◦ amount in account: $16,097.57; interest earned: $8097.57
◦ amount in account: $11,348.15; interest earned: $3348.15
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