Math

Please check my work, thank you

If \$7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
A=\$8,268.00

Rewrite the statement, using percent notation. Out of every 100 eligible people, 87 voted in a recent election
A=87%

Dave invested \$8,500 in a time deposit. What interest will he earn for 2 years if the interest rate is 4.75%?
A=\$807.50

Steve was charged \$60.00 interest for 1 month on a \$3,000 credit card balance. What was the monthly interest rate?
A=50%

If \$1,000.00 is deposited into an account paying 3% interest compounded annually (at the end of each year), how much money is in the account after 5 years? (Round to the nearest cent.)
A= \$1,159.27

thank you, I'm struggling with story problems even if it appears to be simple

1. 👍 0
2. 👎 0
3. 👁 99
1. You should have numbered your question.

1. 7800(1.06)^2 = 8764.08 (you used simple interest for only one year for your answer.

2. ok

3. interest earned = 8500(1.0475)^2 - 8500
= 826.68 (looks like your answer was obtained using "simple interest", which would be used only for short periods of time)

4. 60/3000 = .02 = 2%
so the montly interest rate is 2%
(a monthly rate of 50% interest would be illegal in most civilized countries, don't you think??)

5. 1000(1.03)^5 = 1159.27 YOU WERE RIGHT!

1. 👍 0
2. 👎 0
posted by Reiny

Similar Questions

1. Finance

Joeli deposited \$1000 on 1 January 2011 in an account paying interest of 12% p.a compounded quarterly. He also deposited \$800 (on 1 January 2011) in another account which pays 15% p.a. effective interest. Find the time (n) when

asked by Anonymous on September 25, 2011
2. Finance

John deposited \$1000 on 1st January 2011 in an account paying interest of 12% per annum compounded quaterly. He also deposited \$800 (on 1st January 2011) in another account which pays 15% per annum effective interest. Find the

asked by Krishneel on October 5, 2011
3. algebra

If x dollars is deposited every four weeks (13 times a year) into an account paying an annual interest rate r, expressed in decimal form, then the amount An in the account after n years can be approximated by the formula .If \$45

asked by Anonymous on May 21, 2013
4. math

If \$7,800 is deposited into an account paying 6% interest compounded annually at the end of each year, how much money is in the account after 2 years?

asked by Ann on July 31, 2008
5. math

If \$7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?

asked by S Davis on August 23, 2008
6. math115

Ms. Jefferson has been given a loan of \$20,000 for 1 year. If the interest charged is \$800, what is the interest rate on the loan?4% 2.A saleswoman is working on a 6% commission basis. If she wants to make \$2,400 in one month, how

asked by callie on October 3, 2009
7. math

Hello, I'm having a hard time fingering our this question. Not really sure what formula to use. Thanks in advance! For a five year period, Ned deposited \$800 each quarter into an account paying 5.6% annual interest compounded

asked by lynn on May 12, 2012

If \$8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years? round to the nearest cent.

asked by 26kllt on July 7, 2012