Question: How do I solve this compounding word problem? I don't know anything about calculating bonds. A corporate bond has a face value of p dollars.

How do I solve this compounding word problem? I don't know anything about calculating bonds.

A corporate bond has a face value of p dollars. The interest each year is 5% of the face value. After t years the total interest is the product of the number of years, if, and the interest received each year. The payout is the sum of the face value and the total interest. (a) Express the total interest, I, in dollars, as a function of the age t, in years, of the bond. (b) Express the payout P, in dollars, as a function of t

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