Matt is saving for a new car. He invests $5000 into an account that pays 3% interest a year and is compound monthly. How
Posted: Fri Mar 04, 2022 9:41 am
- Matt Is Saving For A New Car He Invests 5000 Into An Account That Pays 3 Interest A Year And Is Compound Monthly How 1 (10.45 KiB) Viewed 53 times
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leen is saving for a new car. He invests $5000 into an account that pays 3% interest a year and is compoundannually. How long will it take his investment to double?
Investments Shaun Murie borrowed $5200 from his friend lan Desrosiers to pay for remodeling work on his house. He repaid the loan 10 months later with simple interest at 3%. Ian then invested the proceeds (original principal plus interest) in a 5-year certificate of deposit paying 3.3% compounded quar- terly. How much will he have at the end of 5 years? (Hint: You need to use both simple and compound interest.) $6281.91