If you were investing money in an account and the interest rate was the same either way, would you want it to be a simple interest account or a compound interest account?

Q: Joe Borowski invested $10,500 in a mutual fund one year ago. During the year, his fund increased in…

A: Given data: The amount invested by Joe in a mutual fund is P=$10,500. The interest gained by Joe is…

Q: Suppose your one month balance (debt) on your credit card is $2000. If the monthly interest rate for…

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Q: Your uncle still wouldn't help you after you found your new job. The bills are right this month, so…

A: Solution:- Your uncle still wouldn't help you after you found your new job. The bills are right this…

Q: If Max has $40,057.29 in his investment account, what effective interest rate would he need to earn…

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Q: How much simple interest would an investment of $2500 earn at the end of 10 years if the interest…

A: Given p=2500, rate =10% per year, time = 10 year

Q: my bank pays 4% interest and inflation is 3 % what is my real interest.

A: given that:  Nominated interest rate = 4%  Inflation = 3% We use here the formula of real interest…

Q: You are saving for a dream vacation that will cost $5,000.  How many years will you have to wait…

A: We need to calculate the time taken for the amount to become 5000 $

Q: You just found out that you have $19,919.83 in a savings account. Your aunt opened the account in…

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Q: Based on the value of the​ guitar, the pawnbroker loans you $960 One month​ later, you get the…

A: Effective Annual Interest Rate CalculationFormula:Effective Annual Interest Rate (EAR) = (1 + (i /…

Q: Marcus buys a $1250 certificate of deposit (CD) that earns 6.6% interest that compounds monthly. How…

A: See the handwritten solution

Q: Suppose you want to buy a new car that costs ​$32, 900. You have no cash only your old​ car, which…

A: A new car costs $32, 900. You have no cash only your old​ car, which is worth $3000 as a​ trade-in.…

Q: If you wanted to make $708 by investing $7345 for 6 years in an account that pays simple interest,…

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Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

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Q: If you had the choice of 5% simple interest or 5% compound interest for a savings account, which one…

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Q: If you put $500 in a bank for 5 years and earn $75 in interest, the interest rate is 4%. O True O…

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Q: After some thought, you have decided that you will need $60,000 each year to live on after you…

A: This is a problem related to simple interest calculation. Based on the general formula of simple…

Q: A certain Program that you want to enter cost $2300, and you want to start the program in three…

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Q: I've reached a goal of saving $6,500 and want to put my money into a savings account for one year.…

A: Given P=6500 r=8%=0.08 t=1 year

Q: Suppose you have a choice between receiving $5,000 today or $10,000 in five years. You believe you…

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Q: If you invest $600 into an account that compounds monthly and after 8 years the account has $900.…

A: From the given information, it is observed that P = $600, A = $900, t = 8. Note that, the formula to…

Q: Would it be better to have a loan with 5% interest paid back over 2 years, or a loan with 2%…

A: To determine which loan is better, we need to calculate the total amount of interest paid over the…

Q: An investor anticipates that land values for a site will be worth $100,000 in five years. If real…

A: Given : Land values for a site will be worth $100,000 in five years. Real estate taxes are expected…

Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: An invoice for $938.35 has terms 3/10, 2/20, n/30. if a bank note is discounted at 9% to take…

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Q: If I have $500 in my account after 4 years of investing at 2.5% per year, how much money did I start…

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