(1) Determine the total amount that would be accumulated if GH¢ 350 is invested for 6years at an interest of 20% per year.(i)Use the simple interest formula(ii)Use the compound interest formula(2) What is the present value if the total amount realised is GH¢15,000 after 11 years ifthe interest rate is 20% per year. Use the compound interest formula.(3) Determine the total amount that would be accumulated if the interest rate is 16% peryear compounded monthly.(4) Calculate the total amount of money that would be accumulated if an amount ofmoney of GH¢ 6,000 is invested quarterly for 15 years at an interest rate of 22% peryear compounded quarterly.(5) Calculate the effective interest rate if the interest rate is 26% per annum compoundeddaily.(6) Suppose you are paying GHS 51.88 per week for 14 years to repay a GH¢18,000 loan.What is the annual effective interest rate.

By bartleby rules, only first question has been answered Given P=GHC 350t=6 yearsr=20% p.a If the…

Answered: (1) Determine the total amount that…

(1) Determine the total amount that would be accumulated if GHC 350 is invested for 6 years at an interest of 20% per year. (i) Use the simple interest formula (ii) Use the compound interest formula

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

(1) Determine the total amount that would be accumulated if GH¢ 350 is invested for 6
years at an interest of 20% per year.
(i)
Use the simple interest formula
(ii)
Use the compound interest formula
(2) What is the present value if the total amount realised is GH¢15,000 after 11 years if
the interest rate is 20% per year. Use the compound interest formula.
(3) Determine the total amount that would be accumulated if the interest rate is 16% per
year compounded monthly.
(4) Calculate the total amount of money that would be accumulated if an amount of
money of GH¢ 6,000 is invested quarterly for 15 years at an interest rate of 22% per
year compounded quarterly.
(5) Calculate the effective interest rate if the interest rate is 26% per annum compounded
daily.
(6) Suppose you are paying GHS 51.88 per week for 14 years to repay a GH¢18,000 loan.
What is the annual effective interest rate.

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