Problem 11. Simple and Compound Interest 5 points. a) A bank deposit paying simple interest at the rate of 5.5% grew to

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Problem 11. Simple and Compound Interest 5 points. a) A bank deposit paying simple interest at the rate of 5.5% grew to

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Problem 11 Simple And Compound Interest 5 Points A A Bank Deposit Paying Simple Interest At The Rate Of 5 5 Grew To 1
Problem 11 Simple And Compound Interest 5 Points A A Bank Deposit Paying Simple Interest At The Rate Of 5 5 Grew To 1 (26.06 KiB) Viewed 45 times
Problem 11. Simple and Compound Interest 5 points. a) A bank deposit paying simple interest at the rate of 5.5% grew to $21000 in 6 months. Find the principal. b) Find the accumulated amount A if the principal amount was $3500 invested at 6.15% for 11 years compounded continuously. Solution: (b) Problem 12. Using Logarithms to Solve. 5 points. a) How long will it take $10,000 to grow to $30,000 if the investment earns interest at the rate of 4.26% per year compounded semiannually? Solution: (a) Problem 13. Future Value and Present Value of an Annuity. 5 points. Find the amount of each ordinary annuity: a) future value of $1500/month for 20 years at 3.3% interest rate per year compounded monthly. Solution:
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