Quiz 20 :
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Q26 Q26 Q26
You walk into a bank with $1,000 that you wish to invest in a CD (certificate of deposit).The bank gives you two options: Option #1: 3.97% compounded monthly Option #2: 4.00% compounded annually Which option is better for you? Compare the two options by comparing their effective interest rates.
Q35 Q35 Q35
In early 2013, $2000 was invested at a certain interest rate compounded annually.One year later, $1200 was deposited in another account at the same interest rate, also compounded annually.At the end of that year, there was a total of $3573.80 in both accounts.What is the annual interest rate?
Q45 Q45 Q45
Imagine that as an engineering intern you have been assigned the task of selecting a motor for a pump.After reviewing motor catalogs you narrow your choice to two motors that are rated at 1.5 kW.Additional information collected is shown in an accompanying table.The pump is expected to run 4200 hours every year.After checking with your electric utility company, you determine the average cost of electricity is about 10 cents per kWh.Based on the information given here, which one of the motors will you recommend to be purchased? Assume i = 8%.