# Find the accumulated amountA, if the principalP is invested

Question

1) Find the accumulated amountA, if the principalP is invested at an interest rate ofr per year fort years. (Round your answer to the nearest cent.)P = $13,000,r = 6%,t = 10, compounded quarterly

2)Find the effective rate corresponding to the given nominal rate. (Round your answers to three decimal places give percentages)

a) 9.5%/year compounded monthly

b) 9.5%/year compounded daily

3)Find the present value of $60,000 due in 5 years at the given rate of interest. (Round your answers to the nearest cent.)

a) 9%/year compounded semiannually

b) 9%/year compounded quarterly

4Find the accumulated amount after 4 years if $4000 is invested at 4%/year compounded continuously. (Round your answer to the nearest cent.)

5. An amount of $31,000 is deposited in a bank that pays interest at the rate of 5%/year, compounded annually. What is the total amount on deposit at the end of 5 years, assuming there are no deposits or withdrawals during those 5 years? (Round your answer to the nearest cent.)

What is the interest earned during that period of time? (Round your answer to the nearest cent.)

6.Jada deposited an amount of money in a bank 5 years ago. If the bank had been paying interest at the rate of 7%/year compounded daily (assume a 365-day year) and she has $27,000 on deposit today, what was her initial deposit? (Round your answer to the nearest cent.)

7.Diego deposited a certain sum of money in a bank 3 years ago. If the bank had been paying interest at the rate of 8% compounded continuously and he has $13,000 on deposit today, what was his initial deposit? (Round your answer to the nearest cent.)

8.Find the interest rate needed for an investment of $9,000 to grow to an amount of $9,900 in 3 months if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)

9. How long will it take an investment of $3000 to double if the investment earns interest at the rate of 6%/year compounded monthly? (Round your answer to one decimal place.)

10. Find the interest rate needed for an investment of $3,000 to grow to $5,000 in 8 years if interest is compounded continuously. (Round your answer to the nearest hundredth of a percentage point.)

11. How long will it take for an investment of $6,000 to double if the investment earns interest at the rate of 8%/year compounded continuously? (Round your answer to one decimal place.)

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