Math 140

posted by .

To help pay for a class trip at the end of the senior year, the junior class at a high school invests $1800 from a fund-raiser in a 18-month CD paying 2.6% interest compound monthly. Determine the amount the class will receive when it cashes in the CD after 18 months.

  • Math 140 -

    FV=1800(1+.026/12)^18=1871.51

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    The Pirerras are planning to go to Europe 5 yr from now and have agreed to set aside $190/month for their trip. If they deposit this money at the end of each month into a savings account paying interest at the rate of 9.5%/year compounded …
  2. computer programming

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
  3. Computer science

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
  4. Math

    #1 Mr. Jones got a loan for a sum of money, and at the time of repayment he owed $75 in interest. Mr. Brown borrowed three times the amount of money Mr. Jones had borrowed at the same rate of interest for twice as long a time. How …
  5. Math (Interest)

    If I was given an amount of money for 1 month, and I wanted to compound its interest monthly, which formula would I need to use?
  6. Finance - Loans problem please help

    A company borrows $170000, which will be paid back to the lender in one payment at the end of 5 years. The company agrees to pay monthly interest payments at the nominal annual rate of 7% compounded monthly. At the same time the company …
  7. Algebra

    At Central High School, the sophomore class has 60 more students than the freshman class. The junior class has 50 fewer than twice the number of students in the freshman class. The senior class is three times as large as the freshman …
  8. SAT Math

    All of the students who took chemistry at Groveton High School last year were juniors or seniors, as shown in the table below. If 80% of the students who took chemistry passed, then what fraction of the students in the combined junior …
  9. business mathematics

    You are planning to go to Europe 4 years from now and have agreed to set aside RM200 each month for trip. If you deposit this money at the end of month into savings account paying interest at the rate of 8%/year compounded monthly, …
  10. math

    Brenda has taken out a $1300 loan to pay for a hot tub. She will make monthly payments for a year at an interest rate of 10 %, compounded monthly. How much interest will she end up paying?

More Similar Questions