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Assignment #4 Part one Simple interest and Compound interest A = P(1 + i)" 1 = P. r. t (Note- Change the rate into decimals and time into years for finding the simple interest) Q. 1. Calculate the amount of interest paid on a 7-year loan of 413,450 at 4.8% compounded semi-annually. (5 marks) Q. 2. How long will it take for a $6500 investment to grow to $ 8501.94 if it earns 4.5% interest compounded quarterly? (10 marks)Q3. What would my final balance be if I put $6500 in the bank for 60 months with an interest rate of 6%? (5 marks)Simple Interest Missing: 53 1) How long will it take for a sum of $7,300 invested at a rate of 4% simple interest per annum to reach $8,468? Time = 2) If a sum of money earns $7,744 as simple interest over a period of 8 years at the rate of 11% per annum, what is the principal? Principal = 3) How many years will it take for a sum of $36,550 to grow to $ 46,418.50 if it earns 3% simple interest per annum? Time = 4) At what interest rate per annum will $800 yield $180 as simple interest in 47 years? Rate = 5) A sum of money invested at 12% simple interest per annum amounts to $22,710.50 in 6 months. What was the initial deposit? Principal =Simple Interest - Word Problems Ii Dorothy was saying money to buy a dairy farm in Florida. She deposited $50,0 in a bank that offered 6% simple interest per annum. How many years will it ta Ice for the deposit to grow to $ lil? Jackson pawned his watch for $1 25.15.11 per the simple interest charged by the broker. he had to repay $1 35 in a months to recover his watch. 1ii'Ii'hat was the rate of interest? Little Harry wants to gift his grandma a smartp ho ne on her next birthday. He deposits some money in a kids" account that offers 3% simple interest per annum. The account has $215 after 'I l years when it's Grandma's birthday. How much did Harry deposit initially? Jerry won a dancing competition and deposited the prize money in his new ioanit account that offered 5% simple interest per year. If Jerry's account had earned $625 in 2% years, how much was the prize money? Stacy is planning to buy herself a guitar. If she deposits $3.135!) in a bank that offers 6% simple interest per year. how long will it take for Stacy to accumulate $3.451)