Question
1) The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find how much money
1) The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Find
how much money will be in the account after the given number of years (Assume 360 days in a year.), and how much interest was
earned.
Principal: $5000
Rate: 5%
Compounded: annually
Time: 3 years
2) Principal: $10,000
Rate: 5%
Compounded: semiannually
Time: 5 years
3) Principal: $9500
Rate: 7%
Compounded: quarterly
Time: 3 years
4) Principal: $3500
Rate: 4.5%
Compounded: monthly
Time: 4 years
5) Principal: $40,000
Rate: 7.5%
Compounded: daily
Time: 10 years
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