Question: For each problem, say which formula you would use to solve the problem (simple interest, compound interest, annuity, payout annuity/loan) and which variable you would

For each problem, say which formula you would use to solve the problem (simple interest, compound interest, annuity, payout annuity/loan) and which variable you would be trying to find. Explain why you chose that formula and solve the problem.

a.Marta is saving to buy a plane ticket for vacation.They deposit $40 each month into an account which pays 5% interest.How long until they have $700 in the account?

b.Dante has $500 to deposit in an account, which is compounded daily.If they want to have $1000 in 5 years, what interest rate do they need to earn on the investment?

c.Irene wants to borrow money to pay for college. If they will be able to pay back $300 each month, and they want to pay it back over 10 years, how much can they borrow? The bank charges 3.24% interest compounded monthly.

d.Enrique loans a friend $175 for 2 months.At the end of the two months, they tell the friend they need $25 interest, in addition to the $175.What is the interest rate that Enrique charged their friend?

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