Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Daiyu invests $4000 in a simple interest savings account that earns $1100 interest in 66 months. What interest rate does Daiyu's account have? 2.

image text in transcribed
1. Daiyu invests $4000 in a simple interest savings account that earns $1100 interest in 66 months. What interest rate does Daiyu's account have? 2. Mohammed invests his birthday money in a savings account that has 4.8% interest, compounded monthly. After 4 years, he has $1650.98. a) How much did he initially invest? b) How much interest did his investment make? 3. Lucia withdraws her investment after 12 years. She initially invested $5000 in the account that compounds interest weekly. She has $9385.07 when she takes her money out. What was the interest rate for her investment

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_2

Step: 3

blur-text-image_3

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

Finite Mathematics and Its Applications

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

12th edition

978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632

More Books

Students also viewed these Mathematics questions

Question

What is migration?

Answered: 1 week ago