You deposit $1,700 in your bank account. If the bank pays 3% simple interest, ho

ID: 2712723 • Letter: Y

Question

You deposit $1,700 in your bank account. If the bank pays 3% simple interest, how much will you accumulate in your account after 9 years?

What if the bank pays compound interest (annually)? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

How much of your earnings will be interest on interest? (Round your answer to 2 decimal places.)

You deposit $1,700 in your bank account. If the bank pays 3% simple interest, how much will you accumulate in your account after 9 years?

You deposit $1,700 in your bank account. If the bank pays 3% simple interest, how much will you accumulate in your account after 9 years?

a.. If the bank pays simple ineterst, then the amount would be

A = P(1 +rt) = 1700(1+0.03*9) =$2159

b.FV=PV(1+r)^n

=1700(1+3%)^9 =$2218.11

c.interest on interest= 2218.11-2159=$59.11

You deposit $1,700 in your bank account. If the bank pays 3% simple interest, how much will you accumulate in your account after 9 years?

a.. If the bank pays simple ineterst, then the amount would be

b.FV=PV(1+r)^n

=1700(1+3%)^9 =$2218.11

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