Question: please show work and step-by-step how interest was calculated, etc- hard for me to understand 1. ) $100 was invested each month at 6%, compounded
please show work and step-by-step how interest was calculated, etc- hard for me to understand
1. ) $100 was invested each month at 6%, compounded monthly, for 5 years. What was the investment worth at its maturity? How much interest was earned?
2) A regular amount was invested each quarter at 3% interest, compounded quarterly, for 6 years. At its maturity, the investment was worth $8000. What was each payment amount?
3) Harold invested $700 at a 4.5% interest rate compounded annually. How long will it take for the investment to have a future value of approximately $1400?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
