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jadeleeper
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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?
 8 months ago
 8 months ago
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?
 8 months ago
 8 months ago

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terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
Firstly, what is 5.2 percent of 3600?
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
69230.76923
 8 months ago

Shirobara Group TitleBest ResponseYou've already chosen the best response.2
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%
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
What would I do now
 8 months ago

terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
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?
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
2 years
 8 months ago

terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
Good, so how many times to you add 187.2 to the 3600?
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
just two?
 8 months ago

terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
Just twice, yes. So, after two years, the amount in the account is...?
 8 months ago

terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
3974.40, since it's money ;) But correct. Well done ^_^
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
Find the amount if $800 is invested at 5% compounded monthly for 10 months
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
Find the amount if $800 is invested at 5% compounded monthly for 10 months
 8 months ago

terenzreignz Group TitleBest ResponseYou've already chosen the best response.1
What does compounded monthly even mean?
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
means you accrue interest every month, and you earn interest on the interest you earn
 8 months ago

Shirobara Group TitleBest ResponseYou've already chosen the best response.2
You can use the compound interest formula for this which is A = P(1+r/n)^nt
 8 months ago

Shirobara Group TitleBest ResponseYou've already chosen the best response.2
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
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
would my "n" variable be 10 in this case? and what would my "T"
 8 months ago

Shirobara Group TitleBest ResponseYou've already chosen the best response.2
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
 8 months ago

jadeleeper Group TitleBest ResponseYou've already chosen the best response.0
Thank you
 8 months ago
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