Tuesday

March 31, 2015

March 31, 2015

Posted by **Joy** on Friday, April 17, 2009 at 1:13am.

a) t=10, I=3%

b) t=20, I=3%

c) t=5, I=6%

d) t=5, I=12%

- Algebra -
**drwls**, Friday, April 17, 2009 at 7:46amUse the same formula for each. After t years with annually compounded interest at rate I, the princial value is

P = 500*(1 + I)^t

For the first one,

a) P = 500*(1.03)^10 = $671.96

You can use Google if you don't have a pocket calculator. Just do a search with the expression (1.03)^10 =

http://www.google.com/search?hl=en&ie=ISO-8859-1&q=%281.03%29%5E10+%3D&btnG=Google+Search&aq=f&oq=

**Answer this Question**

**Related Questions**

compound interest - How do I solve these problems? Complete the table for a ...

Math - The nominal rate of interest is 8% and the rate of inflation is 5%. A ...

exponential function - An investment pays 8% interest, compounded annually. a) ...

Maths B - Kate is thinking about investing $45000 for 5 years. She deposits her ...

Calculus - I am confused on how to solve this problem : $5000 is invested for 4 ...

Finance - The future value of a $500 annual deposit to a savings account after ...

Finance - You deposit $1000 in an account that pays 8% interest compounded ...

Math - I need to find the equation for the following (compound interest): number...

value of money - A deposit of $2,000 earns interest at a rate of 14% compounded ...

FINANCE - You deposit $2,000 in an account that pays 8% interest compounded ...