Determine the total amount and the interest paid on $3000 with interest compounded monthly for 3...

 

Transcribed Image Text:

Determine the total amount and the interest paid on $3000 with interest compounded monthly for 3 years at a) 2%. b) 4%. c) 8%. d) Is there a predictable outcome in either the amount or the interest when the rate is doubled? a) The total amount accumulated at 2% is $ (Round to the nearest cent as needed.) The interest paid at 2% is $. (Round to the nearest cent as needed.) b) The total amount accumulated at 4% is $ (Round to the nearest cent as needed.) The interest paid at 4% is $ (Round to the nearest cent as needed.) c) The total amount accumulated at 8% is $ (Round to the nearest cent as needed.) The interest paid at 8% is $. (Round to the nearest cent as needed.) d) is the outcome predictable? OA. Yes, the interest increases by half if the interest rate doubles. B. Yes, the total amount increases by half if the interest rate doubles. C. Yes, the total amount doubles if the interest rate doubles. D. Yes, the interest doubles if the interest rate doubles. O E. No, neither the total amount nor the interest is predictable. Determine the total amount and the interest paid on $3000 with interest compounded monthly for 3 years at a) 2%. b) 4%. c) 8%. d) Is there a predictable outcome in either the amount or the interest when the rate is doubled? a) The total amount accumulated at 2% is $ (Round to the nearest cent as needed.) The interest paid at 2% is $. (Round to the nearest cent as needed.) b) The total amount accumulated at 4% is $ (Round to the nearest cent as needed.) The interest paid at 4% is $ (Round to the nearest cent as needed.) c) The total amount accumulated at 8% is $ (Round to the nearest cent as needed.) The interest paid at 8% is $. (Round to the nearest cent as needed.) d) is the outcome predictable? OA. Yes, the interest increases by half if the interest rate doubles. B. Yes, the total amount increases by half if the interest rate doubles. C. Yes, the total amount doubles if the interest rate doubles. D. Yes, the interest doubles if the interest rate doubles. O E. No, neither the total amount nor the interest is predictable.