Question

3.
Find the compound amount. Round to the nearest cent.

Amount: $23,400
Rate: 3%
Compounded: semiannually
Time (Years): 10


$31,516.52

$27,156.64

$26,910.00

$31,447.73
4.
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$2,310 deposited April 12 and withdrawn July 5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

Answer 1

3. Here we use the formula

$A = P ( 1 + \frac{r}{n} )^ {nt}$

And we have the following values given

$P = 23400, r = 3%=0.03,n =2, t=10 years$

So we will get

$A = 23400(1+ \frac{0.03}{2} )^{2*10} \\ A = 23400( \frac{2.03}{2} )^{20} = 31516.52$

Question 4.

In this question , we have

$P = 2310, R = 3.5% = 0.035 , \\ Number \ of \ days \ from \ april \12 to July \ 5 = 30+31+23 = 84 days$

$A = 2310(1+ \frac{0.035}{365})^{84}  = 2328.68$

Interest is the difference of amount and principal, that is

$I = 2328.68-2310 = 18.68$