Question: Interest 1. Use the simple interest formula, I = Prt to find the unknown value. a) I = ?, P = $800, r = 10%,

Interest 1. Use the simple interest formula, I = Prt to

Interest

1. Use the simple interest formula, I = Prt to find the unknown value. a) I = ?, P = $800, r = 10%, t = 6 years b) I = $37.92, P = ?, r = 5%, t = 8 months 4K 2. If an investment offers an interest rate of 9% per annum, compounded monthly, determine the rate per compounding period, i. 2K 3. If an investment is compounded semi-annually for 6 years, determine the total number of compounding periods, n. 2K 4. Describe the effect the compounding frequency, interest rate, and duration of an investment have on the amount of the investment. Rank these three factors in the order of greatest effect to least effect. 4C

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