1- Find the accumulated amount A if the principal P is invested at the interest

Question

1- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $1000, r = 2 1/2 %, t = 4, compounded annually

A= $__________

2- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $2300, r = 9%, t = 11 1/2, compounded semiannually

A = $ ___________

3- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $47,000, r = 5 3/4 %, t = 7, compounded quarterly

A = $ ________

4- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $190,000, r = 9%, t = 8 1/4, compounded monthly

A = $ __________

5- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $230,000, r = 6%, t = 6, compounded daily

A = $ ___________

6- ind the effective rate corresponding to the given nominal rate. (Use a 365-day year. Round your answer to two decimal places.)

2%/year compounded quarterly

_______ %/year

7- Find the effective rate corresponding to the given nominal rate. (Use a 365-day year. Round your answer to two decimal places.)

4%/year compounded daily

____________ %/year

8- Find the present value of $70,000 due in 6 years at the given rate of interest. (Use a 365-day year. Round your answer to the nearest cent.)

3%/year compounded quarterly

$ ___________

Explanation / Answer

1)

Given

P = $1000,

r = 2 1/2 %,= 2.5% = 0.025

t = 4

A = P * (1 + r)t

= $1000(1+0.025)4

= $1103.81

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2)

Given

P = $2300,

r = 9%,=0.09/2 = 0.045

t = 11 1/2 = 11.5 years

A = P * (1 + r)t*2

= $2300(1+0.045)11.5*2

= $ 6329.98

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3)

P = $47,000,

r = 5 3/4 %, = 5.75% = 0.0575/4 = 0.0143

t = 7

A = P * (1 + r)t*4

= 47,000(1 + 0.0143)7*4

= $69945.17

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