Contemporary Business Mathematics with Canadian Applications Study Set 2
Quiz 7: Simple Interest
Compute the Accumulated Value of $6500
Compute the accumulated value of $6500.00 at 8.5% after eleven months.
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Tamiko invested $1500.00 at a bank for eight months at an interest rate of 4
%.Calculate the maturity value of the investment.
What is the amount to which $7250.00 will grow at 7.75% p.a.in 3 months?
Leo wishes to invest $8000.00 that he saved from his summer job.His bank offers 3.75% for a one-year term investment or 3.5% for a six-month term.Help Leo to investigate his options. a)How much will Leo receive after one year if he invests at the one-year rate? b)How much will Leo receive after one-year if he invests for six-months at a time at 3.5% each time? c)What would the one-year rate have to be to yield the same amount of interest as the investment described in part b)?
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