Homework Answers
Applying the CI formula,
Therefore, 100= 300(1+ 3/100)^n - 300
or, 400/300 =1.03^n
or, 1.03^n = 1.33
Applying n = 10, the equation gets satisfied.
Hence, the no. of years to earn $100 of interest on $300 is 10 years.
Add Answer to:
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1.
If we place $7,654 in a savings account paying 7.5 percent interest
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PLEASE SHOW ME EXACTLY HOW TO DO THE PROBLEM!!!! I INSERTED A
PICTURE FOR AN EXAMPLE!
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1.
If we place $7,654 in a savings account paying 7.5 percent interest
compounded annually, how much will our account accrue to in 8.5
years?
PLEASE SHOW ME EXACTLY HOW TO DO THE PROBLEM!!!! I INSERTED A
PICTURE FOR AN EXAMPLE!
Future Value after 9 years is calculated using EXCEL FUNCTION FV(rate, nper,pmt, pv,type) where rate-1.5%; nper-9; pmt-o; pe-3520000; type=0; Here, value for pv is negative as it denotes cash inflows; type as interest is compounded at the end of...
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