Question

In: Advanced Math

1. Find the future value of each deposit if the account pays​ (a) simple​ interest, and​...

1. Find the future value of each deposit if the account pays​ (a) simple​ interest, and​ (b) interest compounded annually.

​$1500 at 6​% for 8 years

​

2. . Tony opened a hot dog stand last April. He borrowed ​$6800 to pay for the stand and startup​ inventory, and he agreed to pay off the loan in 10 months at 6​% simple interest. Find the total amount required to repay the loan.

The total amount required to repay the loan is $__

3. For each​ deposit, find the future value​ (that is, the final amount on​ deposit) when compounding occurs​ (a) annually,​ (b) semiannually, and​ (c) quarterly.

Principal

Rate

Time

​$2000

4​%

5

years

Solutions

Expert Solution

Colby Messinger answered 2 years ago
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