1. Find the future value of each deposit if the account pays?(a) simple? interest, and? (b) interest compounded annually.
?$1500 at 6?% for 8 years
?
2. . Tony opened a hot dog stand last April. He borrowed ?$6800to pay for the stand and startup? inventory, and he agreed to payoff the loan in 10 months at 6?% simple interest. Find the totalamount required to repay the loan.
The total amount required to repay the loan is $__
3. For each? deposit, find the future value? (that is, the finalamount on? deposit) when compounding occurs? (a) annually,? (b)semiannually, and? (c) quarterly.
Principal | Rate | Time |
|---|
?$2000 | 4?% | 5 years |
