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What is the compound interest earned on $3,000 in 2 years at a rate of 7% compounded annually? Expl
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- What is the compound interest earned on $3,000 in 2 years at a rate of 7% compounded annually?Compare the interest earned by P dollars at i% per year simple interest with that earned by the same amount P for five years at i% compounded annually.How much interest (in dollars) is earned in 7 years on $8,800 deposited in an account paying 7% interest compounded semiannually? (Round your answer to the nearest cent.)
- A debt of $1908 with interest at 6.3% compounded annually is to be repaid by equal payments at the end of each year for 4 years. What is the balance remaining (BAL) after the second payment? What is the principal repaid (PRN) in the second payment? What is the interest paid (INT) in the second payment?What is the future value of $7,200 deposited at the beginning of each year for 7 years earning 8% interest with interest compounded annually?Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. ( Round your answers to the nearest cent.) Principal Time Period (years) Nominal Rate (%) Interest Compounded Compound Amount Compound Interest $24,000 18 5 annually
- The sum of P15, 000.00, deposited in an account earning 4% per annum compounded quarterly, will become P18, 302.85. Determine the effective rate of interest per year.What is the present value of receiving $2,500 at the end of each year for 5 years, assuming 7% interest compounded annually? Please ideentify which table you used.What is the future value of $100 invested in an account for eight years that earns 10% annual interest, compounded semiannually (rounded to the nearest whole dollar)? a. $214.b. $216.c. $218.d. $220.
- 1. What is the future value of $3,100 in 17 years assuming an interest rate of 8.4 percent compounded semiannually?If $200 is invested at 5% compounded quarterly, what is the interest earned after: a) 6 years, Interest earned b) 5 years, Interest earnedFind the compound amount and the amount of interest earned by the following deposit. $5,000 at 7.59% compounded continuously for 8 years. What is the compound amount? (Round to the nearest cent.)