Question: Math 12 Chapter 1 Interest Worksheet Name Simple Interest: Compound Interest: in. 1: Prt OR 1 = A P RoR =(x100 *** Please check the

Math 12 Chapter 1 Interest Worksheet Name Simple Interest: Compound Interest: in. 1: Prt OR 1 = A P RoR =(x100 *** Please check the classroom for examples. You may need to use skills from previous topics. *** 1. Solve for the missing variable in Compound Interest: A = $5000 t = 6years "Reminder to switch to logarithm (see 7.4 notes) 2. Jack has $3500 to invest. He wants his principal to grow to $4200 in 4 years so that he can buy a moped. What simple interest rate will allow him to meet his goal? 3. Principal of $2000 is invested at 5.9% simple interest, paid annually, for 3 years. What is the rate of return? 4. Olga estimates that she will need $6500 for a vacation she is planning for 18 months from now. How much money should she invest now, at 4.8% compounded quarterly, to meet her goal? 5. Tolulope is planning to buy new furniture in 2 years. She intends to spend no more than $5000. She has $4000 to invest in an account that compounds interest monthly. What rate of interest will Tolulope need in order to meet her goal?6. Aqsa is planning to buy new kitchen appliances. She intends to spend no more than $6000. She has $2800 to invest in an account that pays 6.25%, compounded semi-annually. How long will it take A sa to meet his oal? 7. Determine the difference in the interest earned at maturity on these two investments. Who earned the most interest? Tiliyan invested $1000 in a GIC for a term of 2 Keva invested $1000 in a GIC for a term of 5 years years with a simple interest rate of 5%, paid with a compound interest rate of 2%, paid annually. annually. 8. Consider these rates: a Bank A offers 5.4%, compounded annually. - Bank B offers 5.35%, compounded quarterly. a Bank C offers 5.2%, compounded monthly. Rank the rates from greatest to least return on an investment of $8000 for a term of 5 years. Give the return for each. 9. When Manahil was born, her grandparents set up two investments of $2000 for her. One earns 6.9%, compounded quarterly; the other earns 6.9%, compounded daily. Manahil is now 17. Determine the current value of each investment

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