Posted by **Bob** on Wednesday, October 20, 2010 at 8:23am.

Okay, so I've been away from school for three weeks, and we have a math test tomorrow. I only just found out, and my friend emailed me the review questions. If someone could help me out, and show me how to do this, I'd appreciate it. No, I do not want someone to do my homework for me. I'm an idiot where math is concerned and I don't understand this.

1. Julie invests $500 at 5% simple interest. How long will it take to double in value?

2. Helen won the lotto when she was 18 and invested all the money at 4.5% compounding annually. When she was 24 it was worth $145073. How much did she win in the lotto?

3. Jessica has $150000 to invest for three years. She researches three investment options. Calculate the interest each option would earn and select the best option.

a. 5% pa simple interest

b. 4.5% pa compounding monthly

c. 4.25% pa compounding annually

4. Calculate the interest earned for the month in this cash management account.

Account Balance | Interest Rate

> $30000 | 3.5%

$30000-$15000 | 2.95%

$15000-$5001 | 2.5%

$5000-$501 | 1.25%

$500 and under | 0.5%

Date | Transaction | Balance

1 April | Opening Balance | $24903.25

15 April | Deposit $13500 | $38403.25

23 April | Withdraw $30000 | $8403.25

- Math [Interest] -
**MathMate**, Wednesday, October 20, 2010 at 10:07am
I'll try similar problems as the first two.

1. 10000 dollars at 4% interest would give 10000*4% = 10000*4/100=$400 per year.

To double, it would take 10000/400 = 25 years.

2. $1000 at 5% compound interest (compounded yearly) would give me in 5 years $1000*1.05^{5} = $1276.28.

If I received $4000 at the end of 5 years, I won (5 years ago, by proportions) $4000*(1000/1276.28)=$3134.10.

Give a try for #1 and #2 and the rest, and post what you've got. We'd be glad to help.

## Answer this Question

## Related Questions

- 7th Grade Math - I got a math test coming up on Friday, and i need help on ...
- English - Writecher, I need your help to revise this. Thank you. 1) I really ...
- Math - Functions - Please help! I have a test tomorrow. I've been working on ...
- help me please - today has been very hectic along with homework i found out ...
- Math - These questions that I have completed are on a test review for my exam ...
- math - For questions 4–5, use the following two ways to display the test scores ...
- HEALTH HELP PLZ - You have just found out your friend has broken up with a ...
- Math(Please check answers) - These questions that I have completed are on a ...
- How do you.................. - How do you make someone your friend? How do you ...
- Math - There is a test with 10 questions. Each question has a choice of three ...