1. Julia saves $38 at the end of each week and deposits the money in an account...
Question:
1. Julia saves $38 at the end of each week and deposits the money in an account paying 7% compounded monthly. How much will Julia accumulate in 6 years? How much of the accumulated amount is interest?
2. A contract can be fulfilled by making an immediate payment of $6468, or equal payments at the end of every sixmonths for 4 years. What is the size of the semi-annual payments at 4% per annum compounded quarterly?
3. Katarina bought a car priced at $12,311 for 6% down and equal semi-annual payments for 3 years. If interest is 8% compounded monthly, what is the size of the semi-annual payment?
4. Seamus has made deposits of $203.00 into his savings account at the end of every threemonths
for 15 years. If interest is 9% per annum compounded monthly and he leaves the accumulated balance for another 3 years, what would be the balance in his account then?
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs