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5 January, 11:12

Find the Interest Earned.

Round to the nearest cent.

Amount = $980

Rate = 8%

Compounded = Quarterly

Time (Years) = 5

Find the Interest Earned.

Round to the nearest cent.

Amount = $7,200

Rate = 4%

Compounded = Annually

Time (Years) = 8

Find the Compound Amount.

Round to the nearest cent.

Amount = $7,200

Rate = 4%

Compounded = Annually

Time (Years) = 8

Find the Compound Amount.

Round to the nearest cent.

Amount = $15,520

Rate = 6%

Compounded = Semiannually

Time (Years) = 4

Find the Interest Earned.

Round to the nearest cent.

Amount = $15,520

Rate = 6%

Compounded = Semiannually

Time (Years) = 4

+2
Answers (1)
  1. 5 January, 11:31
    0
    A=p (1+i/m) ^mn

    Interest earned

    I=A-p

    A=980 * (1+0.08:4) ^ (4*5)

    A=1,456.23

    I=1,456.23-980

    I=476.23

    A=7,200 * (1+0.04) ^ (8)

    A=9,853.69

    I=9,853.69-7,200

    I=2,653.69

    A=15,520 * (1+0.06:2) ^ (2*4)

    A=19,660.27

    I=19,660.27-15,520

    I=4,140.27
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