Question # 1: Mr. Reyes deposited $200,000 in the Navy Federal Credit Union. If the bank...

Question

Question

Answer 1

Answer #1

Assuming that the bank pays simple interest, we have

A = p*(1+rt)

Where,

P = principal = 200000

r = 9% = 0.09

t = 11 years

Thus, amount received after 11 years

= 200000*(1+0.09*11)

= 398000

Thus, amount will become $3,98,000 after 11 years

Answer 2

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