(assume 365 days = 1 year = 52 weeks) a. How much should Emilie deposit into in account giving 6.2% simple interest if she wants to have $4250 in the account after 215 days? b. Fast Freddie’s Loans is offering to lend money at 12.5% annual interest, compounded daily. What is the effective yearly interest rate of Freddie’s loans? c. Jacob is investing $12,300 in an account that pays 0.08% weekly interest, compounded weekly. How much will his investment be worth in 6 years? d. d. Sophia bought a 15-pound pumpkin for $12. Assuming that price for similar pumpkins has been rising at a rate of 3.2% per year for several years, how much did a 15- pumpkin cost 20 years ago?
(assume 365 days = 1 year = 52 weeks) a. How much should Emilie deposit into in account giving 6.2% simple interest if she wants to have $4250 in the account after 215 days? b. Fast Freddie’s Loans is offering to lend money at 12.5% annual interest, compounded daily. What is the effective yearly interest rate of Freddie’s loans? c. Jacob is investing $12,300 in an account that pays 0.08% weekly interest, compounded weekly. How much will his investment be worth in 6 years? d. d. Sophia bought a 15-pound pumpkin for $12. Assuming that price for similar pumpkins has been rising at a rate of 3.2% per year for several years, how much did a 15- pumpkin cost 20 years ago?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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(assume 365 days = 1 year = 52 weeks)
a. How much should Emilie deposit into in account giving 6.2% simple interest if she wants to have $4250 in the account after 215 days?
b. Fast Freddie’s Loans is offering to lend money at 12.5% annual interest, compounded daily. What is the effective yearly interest rate of Freddie’s loans?
c. Jacob is investing $12,300 in an account that pays 0.08% weekly interest, compounded weekly. How much will his investment be worth in 6 years?
d. d. Sophia bought a 15-pound pumpkin for $12. Assuming that price for similar pumpkins has been rising at a rate of 3.2% per year for several years, how much did a 15- pumpkin cost 20 years ago?
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