(a) Find the simple interest on a $500 investment made for 2 years at an interest rate...
Fantastic news! We've Found the answer you've been seeking!
Question:
(a) Find the simple interest on a $500 investment made for 2 years at an interest rate of
8% per year. What is the accumulated amount?
(b) Find how much money should be deposited in a bank paying interest at the rate of
8.5% per year compounded quarterly so that at the end of 5 years the accumulated
amount will be $40, 000.
Posted Date: