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3.6 Savings Account
HW pg. 116 #720 1
October 08, 2012
Sep 2010:25 AM
$35
$285.26
$13.20
$493.44
$3068.20
3.6 Savings Account
HW pg. 116 #720 2
October 08, 2012
Sep 2010:25 AM
Interest = Principal * Rate * Time (I = PRT)
Find interest for 6 months on $400.60 at 1.5% annual interest paid semiannually.
Savings Accounts
3.6 Savings Account
HW pg. 116 #720 3
October 08, 2012
Sep 2010:26 AM
Compound Interest: Balance = P (1 + r / n)np= principal, r = rate, n= # of times a year interest is compounded
On January 1, Peter made an ATM deposit of $800 in a savings account that pays 2% interest, compounded quarterly. He made no other deposits or withdrawls. If interest is calculated and paid on April 1 & July 1, find the account balance and compound interest on July 1.
3.6 Savings Account
HW pg. 116 #720 4
October 08, 2012
Sep 2010:28 AM
Compound Interest TablesFind the compound interest paid on a $400 deposit that earns interest at an annual rate of 2.5% for 12 years.
A $1200 deposit earns annual interest of 4% compounded quarterly. Find the compound interest the deposit will earn in 3 years.
3.6 Savings Account
HW pg. 116 #720 5
October 08, 2012
Sep 2010:26 AM
HW pg. 116 #720
3.6 Savings Account
HW pg. 116 #720 6
October 08, 2012
Oct 87:28 AM