Question: Could someone please properly explain all steps to working out these question? Thanking you all in advance. This was the information told already: > S

Could someone please properly explain all steps to working out these question?Thanking you all in advance.

This was the information told already:

> S = 8

> A bank pays interest rate at the (highly unrealistic) rate of r = 1, or 100% per annum. If interest is paid once a year, then for an initial deposit of 1000 x S dollars, you would have 2000 x S dollars at the end of the year.

PART 1:

What is the amount of money at the end of the year, if interest is paid half yearly (0.5 or 50% interest paid twice a year)?

PART 2:

If interest is paid monthly, find an expression for the amount of money at the end of the year, then it says to use a calculator to write it down to the nearest dollar.

PART 3:

This part said that this information is needed :

Question: Could someone please properly explain all steps to working out these question? Thanking you all in advance. This was the information told already: > S

Step by Step Solution

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