Question: Write the formula, substitute, simplify. 1). Calculate the simple interest on $1000 at 7.5% for 3 years 6 months. 2). Calculate the future value of
Write the formula, substitute, simplify. 1). Calculate the simple interest on $1000 at 7.5% for 3 years 6 months. 2). Calculate the future value of $2000 at 6% simple interest for 9 months. 3). Find the rate of simple interest that an investment of $3000 will grow to $3300 in 4 years. 4). Find the present value of $1000 receivable 2 years from now if the rate of simple interest is 8.5%. 5). How many months will it take at 6% simple interest for $2000 to grow to $2400? 6). Find the amount of interest for $3000 in an account paying simple interest of 5% for 2 years. 7). Find the amount of interest for $3000 in an account paying 5% interest compounded annually for 2 years. (Comment on this solution compared with your answer for question #6.) 8). Find i , the rate of interest per period, if $5000 is compounded monthly at 3% annual rate (APR). (Write your answer as a %) 9). Find n, the number of interest periods, if $4000 is invested for 7 years at 10% interest compounded quarterly
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