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March 28, 2017

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Please check my work, thank you

If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
A=$8,268.00

Rewrite the statement, using percent notation. Out of every 100 eligible people, 87 voted in a recent election
A=87%

Dave invested $8,500 in a time deposit. What interest will he earn for 2 years if the interest rate is 4.75%?
A=$807.50

Steve was charged $60.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate?
A=50%

If $1,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
A= $1,159.27

thank you, I'm struggling with story problems even if it appears to be simple

  • Math - ,

    You should have numbered your question.

    1. 7800(1.06)^2 = 8764.08 (you used simple interest for only one year for your answer.

    2. ok

    3. interest earned = 8500(1.0475)^2 - 8500
    = 826.68 (looks like your answer was obtained using "simple interest", which would be used only for short periods of time)

    4. 60/3000 = .02 = 2%
    so the montly interest rate is 2%
    (a monthly rate of 50% interest would be illegal in most civilized countries, don't you think??)

    5. 1000(1.03)^5 = 1159.27 YOU WERE RIGHT!

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