I won 15 000.00 on lotto, invest for 3 years so I can earn interest. Bank has offered 10% interest. I need to decide If I want to use it monthly simple interest payments or if I should compound the interest. Calculate compound interest 1. amount at beginning of year 1 and it's interest 2.amount at beginning of year 2 and it's interest 3. amount at beginning of year 3 and it's interest 4 amount at end of 3 years
I won 15 000.00 on lotto, invest for 3 years so I can earn interest. Bank has offered 10% interest. I need to decide If I want to use it monthly simple interest payments or if I should compound the interest. Calculate compound interest 1. amount at beginning of year 1 and it's interest 2.amount at beginning of year 2 and it's interest 3. amount at beginning of year 3 and it's interest 4 amount at end of 3 years
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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I won 15 000.00 on lotto, invest for 3 years so I can earn interest. Bank has offered 10% interest. I need to decide If I want to use it monthly simple interest payments or if I should compound the interest. Calculate
1. amount at beginning of year 1 and it's interest
2.amount at beginning of year 2 and it's interest
3. amount at beginning of year 3 and it's interest
4 amount at end of 3 years
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