6.You deposit $2100 insavings account paying 5.5% simple interest.a) How much interest will you earn4 years?b) How much will be in your account at the end of 4 years?

The formula for calculating simple interest: Interest = Principle * Rate of…

Answered: 6. You deposit $2100 in a savings…

6. You deposit $2100 in a savings account paying 5.5% simple interest. a) How much interest will you earn in 4 years? b) How much will be in your account at the end of 4 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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Question

6.
You deposit $2100 in
savings account paying 5.5% simple interest.
a) How much interest will you earn
4 years?
b) How much will be in your account at the end of 4 years?

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