Thursday

October 23, 2014

October 23, 2014

Posted by **Boobear** on Friday, April 12, 2013 at 10:57am.

Year 1

Year 2

Problem #2: Find the total amount if you deposit $300 at a rate of 6% for three years using simple interest.

Year 1

Year 2

Year 3

Problem #3: Find the total amount if you deposit $ 600 at a rate of 5% for two years compounded annually.

Year 1

Year 2

Problem #4: Find the total amount if you deposit $800 at a rate of 8% for a total of four years compounded annually.

Year 1

Year 2

Year 3

Year 4

- math -
**Henry**, Sunday, April 14, 2013 at 7:27pm1. P = Po + Po*r*t

P = 500 + 500*0.05*2 = $550.

2. Same procedure as #1.

3. P = Po(1+r)^n

r = 5%/100% = 0.05 = Annual % rate expressed as a decimal.

n = 1comp/yr * 2yrs = 2 compounding periods.

Plug the above values into the given Eq

and get $661.50.

4. Same procedure as #3.

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