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6. Determine which formula to use for each of the following situations, and solve for amount. a) Imaan has an $1800 credit card balance at
6. Determine which formula to use for each of the following situations, and solve for amount. a) Imaan has an $1800 credit card balance at 18.99% annual interest, compounded daily for 40 days. What amount does she owe, including interest? 13 b) A GIC pays 2.58% annual interest, compounded monthly for 4 years. What amount must you invest today to end up with $5000? 13 c) Olivia hopes to have $6500 in 2 years to buy a home theatre system. Find the amount she would need to invest today at 3.5% compounded semi-annually. 13
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