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jadeleeper Group Title

Cathy makes a deposit of 3600 dollars on June 1, 1997. How much is in the account on June 1, 1999, if the account pays 5.2 percent simple interest?

  • 10 months ago
  • 10 months ago

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  1. terenzreignz Group Title
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    Firstly, what is 5.2 percent of 3600?

    • 10 months ago
  2. jadeleeper Group Title
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    69230.76923

    • 10 months ago
  3. Shirobara Group Title
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    Remember that 5.2 is a percent, so when you multiply it, you wouldn't multiply 3600 by 5.2 but rather .052 because 5.2 is equivalent to 520%

    • 10 months ago
  4. jadeleeper Group Title
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    187.2

    • 10 months ago
  5. jadeleeper Group Title
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    What would I do now

    • 10 months ago
  6. terenzreignz Group Title
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    Okay, this is the interest per year, and this is added to the amount 3600 for every year that passes... so from 1997 to 1999, how many years have passed?

    • 10 months ago
  7. jadeleeper Group Title
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    2 years

    • 10 months ago
  8. terenzreignz Group Title
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    Good, so how many times to you add 187.2 to the 3600?

    • 10 months ago
  9. jadeleeper Group Title
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    just two?

    • 10 months ago
  10. terenzreignz Group Title
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    Just twice, yes. So, after two years, the amount in the account is...?

    • 10 months ago
  11. jadeleeper Group Title
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    3974.4

    • 10 months ago
  12. terenzreignz Group Title
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    3974.40, since it's money ;) But correct. Well done ^_^

    • 10 months ago
  13. jadeleeper Group Title
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    Find the amount if $800 is invested at 5% compounded monthly for 10 months

    • 10 months ago
  14. jadeleeper Group Title
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    Find the amount if $800 is invested at 5% compounded monthly for 10 months

    • 10 months ago
  15. terenzreignz Group Title
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    What does compounded monthly even mean?

    • 10 months ago
  16. jadeleeper Group Title
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    means you accrue interest every month, and you earn interest on the interest you earn

    • 10 months ago
  17. Shirobara Group Title
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    You can use the compound interest formula for this which is A = P(1+r/n)^nt

    • 10 months ago
  18. Shirobara Group Title
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    P = principal amount (the initial amount you borrow or deposit) r = annual rate of interest (as a decimal) t = number of years the amount is deposited or borrowed for. A = amount of money accumulated after n years, including interest. n = number of times the interest is compounded per year

    • 10 months ago
  19. jadeleeper Group Title
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    would my "n" variable be 10 in this case? and what would my "T"

    • 10 months ago
  20. Shirobara Group Title
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    I believe that your n should be 12 because there are 12 months in a year but I'm not all too familiar with using this formula, your t is 10 because you want to know the balance after 10 months, you can check here: http://qrc.depaul.edu/studyguide2009/notes/savings%20accounts/compound%20interest.htm to help you, it's a great reference and example

    • 10 months ago
  21. jadeleeper Group Title
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    Thank you

    • 10 months ago
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