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Find the simple interest. Assume a 360-day year.
$5566.49 at 3.1% for 65 days
the simple interst is $ (Round to the nearest cent)
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Solved in 2 steps
- Calculate the simple interest earned. Round to the nearest cent. P = $4200, r = 7%, t = 1 yearCalculate the simple interest earned. Round to the nearest cent. P = $9080, r = 5.25%, t = 4 months $Calculate the simple interest earned. Round to the nearest cent. P = $2250, r = 4.00% monthly, t = 4 months
- Calculate the simple interest earned when P = $15,000, r = 7.5%, and t = 70 days using the ordinary method. Round to the nearest cent.Calculate the future value.( round your answer to two decimal places.) P=$7000, r= 8.5% compounded quarterly, t=6yearsCalculate the simple interest rate. (Round your answer to one decimal place.) P = $2400, I = $52, t = 4 months
- Compute the simple interest INT for the specified length of time and the future value FV at the end of that time (in dollars). Round all answers to the nearest cent. $12,300 is invested for 9 months at 7% per year. INT = $ ___ FV = $ __You currently earn 8% per annum with quarterly compounding. What is the equivalent interest rate with continuous compounding? (enter percentage in decimal form to four decimal places, i.e. eleven and a half percent would be entered as 0.1150) (Required precision: 0.0001 +/- 0.0001)Determine the simple interest. The rate is an annual rate. Assume 360 days in a year. p=$280, r=7.25%, t=2.75 years The simple interest is
- Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.) P = $43,000, r = 9 3/4 % t = 9, compounded quarterly A = $Suppose that $17,000$17,000 is deposited for six years at 4%4% APR. Calculate the interest earned if interest is compounded monthly. Round your answer to the nearest cent.Percentages need to be entered in decimal format, for instance 3% would be entered as .03 in the interest rate cells.) Suppose your opportunity cost (interest rate/year) is 11% compounded annually. How much must you deposit in an account today if you want to pay yourself $230 at the end of each of the next 15 years? How much must you deposit if you want to pay yourself $230 at the beginning of each of the next 15 years? Bruce invested $1,250 (present value - enter as a negative number) 10 years ago. Today, the investment is worth $3,550 (future value). If interest is compounded annually, what annual rate of return did Bruce earn on his investment? (Use Solving for r - Rate of Return- on a Lump Sum) Mario wants to take a trip that costs $4,750 (future value), but currently he only has $2,260 (present value - enter as a negative number) saved. If Mario invests this money at 7% compounded annually, how long will it take for his investment to grow to the needed amount of…