2. An investment of $3500 is deposited into an account earning a rate of interest of 4.3% per year. Calculate the amount of the investment after 8 years using simple interest and compound interest. [K 4] Simple Interest: A = P +Prt Compound Interest: A = P(1 + i)"
2. An investment of $3500 is deposited into an account earning a rate of interest of 4.3% per year. Calculate the amount of the investment after 8 years using simple interest and compound interest. [K 4] Simple Interest: A = P +Prt Compound Interest: A = P(1 + i)"
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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![2. An investment of $3500 is deposited into an account earning a rate of interest of 4.3% per year. Calculate the amount
of the investment after 8 years using simple interest and compound interest.
[K 4]
Simple Interest: A = P +Prt
Compound Interest: A = P(1 + i)"
3. Use the compound interest formula A = P(1 + i)" to evaluate the following:
a) $4000 at 6% per year, compounded annually, for 5 years.
[K 2]
P =
i=
n=
A =
b) $1200 at 8.4% per year, compounded semi-annually, for 4 years.
[K 2]
P=
i =
n =
A =
c) $6300 at 5.2% per year, compounded monthly, for 7 years.
[K 2]
P =
i =
n =
A =](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Face3c96e-3328-4953-b247-85e1f4fa556a%2F89198043-2478-4651-b6e1-3017b450e406%2Fvi85p9l_processed.png&w=3840&q=75)
Transcribed Image Text:2. An investment of $3500 is deposited into an account earning a rate of interest of 4.3% per year. Calculate the amount
of the investment after 8 years using simple interest and compound interest.
[K 4]
Simple Interest: A = P +Prt
Compound Interest: A = P(1 + i)"
3. Use the compound interest formula A = P(1 + i)" to evaluate the following:
a) $4000 at 6% per year, compounded annually, for 5 years.
[K 2]
P =
i=
n=
A =
b) $1200 at 8.4% per year, compounded semi-annually, for 4 years.
[K 2]
P=
i =
n =
A =
c) $6300 at 5.2% per year, compounded monthly, for 7 years.
[K 2]
P =
i =
n =
A =
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