nd the simple interest earned on a deposit of $5,750 that is left on deposit for 3.5 years and earns an annual interest rate of 4.5%. Three years after investing $15,000, a retired couple received a check for $3,375 in simple interest. Find the annual interest rate their money earned during that time. For their newborn child, parents deposit $10,000 in a college account that pays 8% interest, compounded annually. How much will be in the account on the child’s 17th birthday?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Find the simple interest earned on a deposit of $5,750 that is left on deposit for 3.5 years and earns an
annual interest rate of 4.5%.
Three years after investing $15,000, a retired couple received a check for $3,375 in simple interest. Find
the annual interest rate their money earned during that time.
For their newborn child, parents deposit $10,000 in a college account that pays 8% interest,
compounded annually. How much will be in the account on the child’s 17th birthday?
If the parents in part c invested $10,000 in an account paying 8%, compounded quarterly, how much
more money would they have after 17 years?
What sum must be deposited today at 18% per year compounded monthly if the goal is to a compound
amount of $50, 000 six years from today? How much interest will be earned during this period?
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