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Q2 What would $1000 become in a saving account at 3% per year for 3 years when the interest is not compounded (simple interest)? What would the same amount become after 3 years with the same rate but compounded annually? $1200 is placed in an account at 4% Q3 compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded annually for 4 years. What is the balance in the second account after the 4 years. An amount of $1,500 is invested for 5 years Q4 at the rates of 2% for the first two years, 5% for the third year and 6% for the fourth and fifth years all compounded Annually. What is the total amount at the end of the 5 years? Q5 A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?

Q2 What would $1000 become in a saving account at 3% per year for 3 years when the interest is not compounded (simple interest)? What would the same amount become after 3 years with the same rate but compounded annually? $1200 is placed in an account at 4% Q3 compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded annually for 4 years. What is the balance in the second account after the 4 years. An amount of $1,500 is invested for 5 years Q4 at the rates of 2% for the first two years, 5% for the third year and 6% for the fourth and fifth years all compounded Annually. What is the total amount at the end of the 5 years? Q5 A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q2 What would $1000 become in a saving account at 3% per year for 3 years when the interest is not compounded (simple interest)? What would the same amount become after 3 years with the same rate but compounded annually? Q3 compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded annually for 4 years. What is the balance in the second account after the 4 years. $1200 is placed in an account at 4% An amount of $1,500 is invested for 5 years Q4 at the rates of 2% for the first two years, 5% for the third year and 6% for the fourth and fifth years all compounded Annually. What is the total amount at the end of the 5 years? Q5 A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?
Transcribed Image Text:Q2 What would $1000 become in a saving account at 3% per year for 3 years when the interest is not compounded (simple interest)? What would the same amount become after 3 years with the same rate but compounded annually? Q3 compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at the rate of 5% compounded annually for 4 years. What is the balance in the second account after the 4 years. $1200 is placed in an account at 4% An amount of $1,500 is invested for 5 years Q4 at the rates of 2% for the first two years, 5% for the third year and 6% for the fourth and fifth years all compounded Annually. What is the total amount at the end of the 5 years? Q5 A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?
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