Find (a) the compound amount and (b) the compound interest for the given investment and rate: 1. $2000 for 5 years at an effective rate
Find (a) the compound amount and (b) the compound interest for the given investment and rate:
1. $2000 for 5 years at an effective rate of 2%.
(a) The compound amount is $ .
(b) The compound interest amount is $ .
2. $350 for 12 months at an effective rate of 3%.
(a) The compound amount is $ .
(b) The compound interest amount is $ .
3. $10000 for 8 months at an effective rate of 5%.
(a) The compound amount is $ .
(b) The compound interest amount is $
Step by Step Solution
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Step: 1
To calculate the compound amount and compound interest we can use the formula Compound Amount Princi...
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Step: 2
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Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
