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please show step by step how to solve #5 and #6 INSTRUCTIONS: The remaining portion of the exam consists of 8 short problems worth a
please show step by step how to solve #5 and #6
INSTRUCTIONS: The remaining portion of the exam consists of 8 short problems worth a total of 52 points. Please write legibly. If I cannot read your writing, I can only assume that it is wrong, Additionally, make sure to show your work to demonstrate your underitanding of the methodology required to solve a given problem and your ability to use the formulas correctly. Please round your answer to two decimal places. 5. You invested $6,500 at 6 percent simple interest. How much more could you have earned over a 10-year period if the interest had compounded annually? (8 points) 6. Fifteen years ago, you invested $5,50. Today, it is worth $18,250. What annually compounded rate of interest did yos earn? ( 5 points) Step by Step Solution
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