Interest Answers

Solve the problem. Round to the nearest cent.Andrea’s savings account has a balance of $3668. After 3 years, what will the amount of interest be at 4% compounded quarterly?

Solve the problem. Round to the nearest cent.Steve’s savings account has a balance of $1287. After 4 years, what will the amount of interest be at 6% compounded semiannually?

Solve the problem. Round to the nearest cent.Tetsuo's savings account has a balance of $1192. After 22 years, what will the amount of interest be at 1.5% compounded annually?

Solve the problem. Round to the nearest cent.Mathew knows that he will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should he invest now at 10%, compounded quarterly, so that he will have enough to buy a new car?

Solve the problem. Round to the nearest cent.Jason’s savings account has a balance of $734. After 5 years, what will the amount of interest be at 10% compounded semiannually?

Solve the problem. Round to the nearest cent.Stan's savings account has a balance of $4706. After 4 years, what will the amount of interest be at 4% compounded quarterly?

Solve the problem. Round to the nearest cent.Barbara knows that she will need to buy a new car in 3 years. The car will cost $15,000 by then. How much should she invest now at 7%, compounded quarterly, so that she will have enough to buy a new car?

Solve the problem. Round to the nearest cent. Brian wants to have $7000 in the bank in 10 years. He deposits $3000 today at 8% interest compounded semiannually,After keeping the money in the bank for 10 years, how much more money will he need to add to his account to reach the desired balance of $7000?

Solve the problem. Round to the nearest cent.Great Dish believes that it will need new equipment in 8 years. The equipment will cost $26,000. What lump sum should be invested today at 12%, compounded semiannually, to yield $26,000?

Solve the problem. Round to the nearest cent.Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.