Answered: suppose that $2200 is borrowed for…

suppose that $2200 is borrowed for seven years at an interest rate of 2% per year, compounded continuously. find the amount owed, assuming no payments are made until the end.

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter10: Exponential And Logarithmic Functions

Section10.2: Applications Of Exponential Functions

Problem 25PS

See similar textbooks

Related questions

Q: Find the time required for an investment of 3,000 dollars to grow to 5,000 dollars at an interest…

Q: If $800 is invested at 4% compounded quarterly, what is the interest earned after: a) 6 years…

Q: Find the nominal interest rate compounded daily that corresponds to an effective rate of 4 %- 4

A: Effective interest rate=1+rnn-1

Q: Find the amount due at the end of 8 years and 6 months if P4, 000 is invested at 7% compounded…

A: Principal amount: $ 4000 Interest Rate: r = 7% Time Period: t = 8 year 6 months

Q: Find the interest rate needed for an investment of $4000 to quadruple in 12 years if interest is…

Q: The........................................ is the equivalent annual simple interest rate that would…

A: Solution:GivenThe........................................ is the equivalent annual simple interest…

Q: A certain loan program offers an interest rate of 9%, compounded continuously. Assuming no payments…

A: you can clearly understand if you follow the below solution

Q: If you borrow $4500 at 3.5% interest compounded continuously, and make no payments toward the loan,…

Q: how much will deposits of dollar 200 made at the end of each quartar amount to after 9 years if…

A: The process of depositing an amount after each fixed time is called recurrent deposits. The final…

Q: Suppose that $7,000 is invested at 4%, compounded semiannually. How much is in the account at the…

A: Amount for compound interest:If P amount of money is invested for t years at r% rate of interest…

Q: An employee contributes $350 each month to her 401(k). What will be the value of her 401(k) after…

A: From given, P = $350, i=12%12=1%=0.01,n=360. The amount after n deposits can be calculated by the…

Q: In 19 years, Anthony Oaks is to receive $300,000 under the terms of a trust established by his…

A: It is given that, the time period is t=19 years, Future Value (FV)=$300,000 rate of return…

Q: invested

Q: Suppose that $1000 is invested at a 10% interest rate compounded quarterly. b) How many years will…

A: Solution:Giveninvestmentment Amount=$1000 r=0.01To find (a) What will investment be worth after…

Q: Find the accumulated value of an investment of $15,000 for 5 years at an interest rate of 5% if the…

Q: A zero-coupon bond can be redeemed in 20 years for $10,000. How much should you be willing to pay…

A: Given: Total years=20……1Redeemed amount=$10,000……2

Q: At what interest rate will money treble if compounded continuously for 18 years?

Q: How much will $12,700 become if it earns 8% annual interest, compounded quarterly, for 60 years?

Q: At what simple interest rate will an amount of money double itself in 10 years?

Q: Carter invested $16,000 in an account paying an interest rate of 5.6% compounded monthly. Assuming…

Q: An investment fund pays 10% per year, compounded quarterly, on all money invested. How much must be…

Q: A $5800 investment is made for a three-year period at an interest rate of 5.4% per year, compounded…

Q: accumulated

A: Please refer to the image below

Q: Find the amount that results from the given investment. $700 invested at 3% compounded quarterly…

A: If P is investment amount, ris rate as a decimal, n is number of compoundings per year and t is time…

Q: Find the amount of money that accumulates when a one-time lump-sum investment of P = $50, 000 is…

Q: Suppose that you have children young, pay for their college expenses, and finally start saving for…

Q: find the present value of $100,000 if interest is paid at a rate of 8% per year, compounded…

Q: Find the interest earned on $25,000 invested for 3 years at 6% interest compounded as follows. a.…

A: Topic :- Alzebra

Q: An item at a department store is priced at $189.99 and can be bought by making 20 payments of…

Q: Find the present value of $10,000 if interest is paid at a rate of 9% per year, compounded…

A: A=P1+rnntFor compounded semiannually, n=2

Q: Find the principal P that must be invested at rate of 8%, compounded monthly, so that $1,000,000…

Q: If $1000 is invested at 7% compounded quarterly, what is the interest earned after: a) 5 years…

Q: Suppose $50,000 is invested at l2% interest compounded monthly. In how many years will it be worth…

A: Given p=$50000 r=12%=12/100=0.12 compoundrd monthly n=12 A=$1, 000,000 t=?

Q: For an interest rate of 9% per year, compounded monthly, the effective monthly rate is closest to:

Q: If $600 is borrowed at 8% interest, find the amounts due at the end of 4 years if the interest is…

Q: If you invest $1700 in an account paying 7% compounded continuously, how much will be in the account…

A: We have the compound maturity formula

Q: Suppose that $6000 is placed in a savings account at an annual rate of 4.2 %, compounded monthly.…

Q: How much was invested into Ed's account that was continuously compounded at 3.9% interest for 15…

A: Compound Interest : When the interest charged after a certain specified time period is added to…

Q: . An investment fund pays 12% per year, compounded monthly, on all money invested. How much must be…

Q: If $5000 is invested for 8 years at 6% compounded monthly, how much interest will be earned?

A: Given that $5000 is invested for 8 years at 6% compounded monthly. It is required to find the amount…

Q: If R8500 is invested in a saving account offering 5.4% per year, compounded semi-annually, the rate…

Q: A certain loan program offers an interest rate of 8%, compounded continuously. Assuming no payments…

A: Given : rate of interest is 8% compounded continuously Initial amount of loan is 1300 we need to…

Q: If $200 is invested at 6% compounded (A) annually, (B) quarterly, (C) monthly, what is the amount…

Q: If saving account awards interest of 3 percent per year compounded semiannually, what amount must…

A: In case of interest compoundedly semiannual Rate = annual rate/2 Time = 2* annual time Hence rate=…

Q: Find the amount that results from the given investment. $500 invested at 4% compounded quarterly…

A: Formula used:Future value formula

Q: Find the amount that results from the given investment. $600 invested at 8% compounded quarterly…

A: Formula used:The future value formula:

Q: If $400 is invested at 17% compounded quarterly, what is the interest earned after: a) 6 years…

A: FV = Future Value PV = Present Value r = rate of interest n= no of period

Q: Find the amount P that needs to be invested at a rate of 5% compounded quarterly for 6 years to give…

Q: A philanthropist deposits $50,000 into a trust fund that pays 4.5%, compounded continuously. The…

Question

suppose that $2200 is borrowed for seven years at an interest rate of 2% per year, compounded continuously. find the amount owed, assuming no payments are made until the end.

Expert Solution