Assignment Help-Compound interest
Compound interest
How many days will it take for $1500 to earn $25 interest If it is deposited in a bank paying simple interest at the Rate of 5%/year? (Use a 365-dayyear.)
Find the accumulated Amount A if the principal P Is invested at the interest rate of r/year for t years.
a. p = $1000, r = 5½%, t = 6, compounded annually.
b. p = $180,000, r = 6%, t = 6¼, compounded monthly.
Find the effective rate corresponding to the given Nominal rate.5%/year compounded quarterly.
An individual purchase a 4-year $10,000 promissory Note with an interest rate of 5.5%/year compounded semiannually. How much did the note cost?
If Jackson deposits $100 at the end of each month in a saving account earning interest at the rate of 3%/year compounded monthly, how much will he have on deposit in his saving account at the end of 6 years, assuming that he makes no withdrawals during that period?
Robin, who is self-employed, contributes $5000/year into a Keogh account. How much will he have in the account after 25 years if the account earns interest at the rate of 4.5%/year compounded yearly?
Mike’s sporting Goods sells elliptical trainers under two payment plans: cash or installment. Under the installment plan, the costumers pays $22/month over 3 years with interest charged on the balance at a rate of 9%/year compounded monthly. Find the cash price for an elliptical trainer if its equivalent to the Price paid by a customer using the installment plan.
