Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Alex deposits $9,000 in a bank account that pays 6% compund interest. How much will he have in four years? (2 Points) Enter your

image text in transcribed

1. Alex deposits $9,000 in a bank account that pays 6% compund interest. How much will he have in four years? (2 Points) Enter your answer 2. The total Payment owed Using simple interest is defined as what. Please give an example (2 Points) Enter your answer 3. Your unclue has provided you with a siy year certificate of deposit that pays 9% simple interest annually, You recieve a check from the bank every year for $100. What is the principal amount of the certificate? (2 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurial Finance

Authors: J. Chris Leach, Ronald W. Melicher

6th edition

1305968352, 978-1337635653, 978-1305968356

More Books

Students also viewed these Finance questions