Q:

3.Find the compound amount. Round to the nearest cent. Amount: $23,400Rate: 3%Compounded: semiannuallyTime (Years): 10$31,516.52$27,156.64$26,910.00$31,447.734.Find the interest earned. Assume 3.5% interest compounded daily.$2,310 deposited April 12 and withdrawn July 5$17.34$18.68$18.46$17.12

Accepted Solution

A:
3. Here we use the formula[tex] A = P ( 1 + \frac{r}{n} )^ {nt} [/tex]And we have the following values given[tex] P = $23400, r = 3%=0.03,n =2, t=10 years [/tex]So we will get[tex] A = 23400(1+ \frac{0.03}{2} )^{2*10} \\ A = 23400( \frac{2.03}{2} )^{20} = $31516.52 [/tex]Question 4.In this question , we have[tex] P = $2310, R = 3.5% = 0.035 , \\ Number \ of \ days \ from \ april \12 to July \ 5 = 30+31+23 = 84 days [/tex][tex] A = 2310(1+ \frac{0.035}{365})^{84} Β = $2328.68 [/tex]Interest is the difference of amount and principal, that is[tex] I = 2328.68-2310 = $18.68 [/tex]