Suppose that Jethro deposits $2000 into an account which pays simple interest of 4% per 0.04. Simple interest means Jeth

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Suppose That Jethro Deposits 2000 Into An Account Which Pays Simple Interest Of 4 Per 0 04 Simple Interest Means Jeth 1 (166.95 KiB) Viewed 11 times

Suppose that Jethro deposits $2000 into an account which pays simple interest of 4% per 0.04. Simple interest means Jethro only earns interest on the principle $2000 investment. After one year the total in the account is $ * annum, which we express as the rate r = After 5 years the total in the account is $ * Suppose that his friend Marlene deposits $1000 into an account which pays an interest rate of 3% per annum, which we express as the rate r = 0.03, but compounded monthly. Note that this 3% per annum translates into the rate 0.25% per month. After 1 month Marlene's account contains $7 and after 12 months (1 year) it would contain $ . After three years it would contain $ Note: you can leave complicated expressions like 2000 X (1+ evaluate. 13\35 35 for MapleTA to If you invest an amount A at an annual interest rate of r per annum, compounded n times per year, how much do you have at the end of the year? Let's derive this important formula.