Please Help!!!! I do not understand and if someone could help that would be great! Thanks !!
Problem #1: Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.
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
As you should know,
Interest = Principal x Rate x Time
in #1 and #2 question plug in the given values, and solve for the missing variable
compound interest:
Amount = Principal (1 + i)^n , where i is the interest per period, and n is the number of interest periods.
Again, plug in the given values for the last two questions.