Valery shemetov

Student: Kiare Mays Date: 06/15/20

Instructor: Valery Shemetov Course: MTH154 – Quantitative Reasoning (with MCR4)

Assignment: Section 6.1 Homework

You deposit $ into a savings account with an APR of %. Complete parts (a) through (c) below.4000 5.7

(a) Compute the amount of interest you gain after 1 year.

$ (Round to the nearest dollar as needed.)

(b) To compute the amount of money in the savings account at the end of 1 year, take the original value and add interest: . This is equivalent to multiplying $ by what factor?$4000 + 5.7% • $4000 4000

(Round to three decimal places as needed.)

(c) Fill in the following table, one year at a time:

(Round to the nearest cent as needed.) Year Beginning Interest End 1 $4000 $ $ 2 $ $ $ 3 $ $ $ 4 $ $ $ 5 $ $ $

Calculate the amount of money you'll have at the end of the indicated time period, assuming that you earn simple interest.

You deposit $ in an account with an annual interest of % for years.3900 3.2 5

The amount of money you'll have at the end of years is $ .5 (Type an integer or a decimal.)

Complete the table, for the following investments, which shows the performance (interest and balance) over a 5-year period.

Suzanne deposits $ in an account that earns simple interest at an annual rate of %. Derek deposits $ in an account that earns compound interest at an annual rate of % and is compounded annually.

4000 4.4 4000

4.4

Year Suzanne's

Annual Interest

Suzanne's Balance

Derek's Annual Interest

Derek's Balance

1 $____ $____ $____ $____ 2 $____ $____ $____ $____ 3 $____ $____ $____ $____ 4 $____ $____ $____ $____ 5 $____ $____ $____ $____

Complete the following table.

(Round to the nearest dollar as needed.)

Year Suzanne's Annual Interest Suzanne's

Balance Derek's Annual

Interest Derek's Balance

1 $ $ $ $

2 $ $ $ $

3 $ $ $ $

4 $ $ $ $

5 $ $ $ $

4.

5.

6.

7.

Use the compound interest formula to determine the accumulated balance after the stated period.

$ invested at an APR of % for years.6000 5 2

If interest is compounded annually, what is the amount of money after years?2

$ (Do not round until the final answer. Then round to the nearest cent as needed.)

Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually.

$ invested at an APR of % for years.7000 4.2 21

The balance in the account after years is $ .21 (Round to the nearest cent as needed.)

You deposit $ into a savings account with an APR of %. Complete parts (a) through (c) below.3500 1.4

(a) Compute the amount of interest you gain after 1 year.

$ (Round to the nearest dollar as needed.)

(b) To compute the amount of money in the savings account at the end of 1 year, take the original value and add interest: . This is equivalent to multiplying $ by what factor?$3500 + 1.4% • $3500 3500

(Round to three decimal places as needed.)

(c) To compute the amount of money in the account after 6 years you would multiply $ by what factor?3500

(Round to three decimal places as needed.)

You deposit $ into a savings account with an APR of %. Use the table to complete parts (a) through (b) below.350 3.3

A B 1 Year Amount 2 0 $350 3 1 $361.55 4 2 $373.48 5 3 $385.81 6 4 $398.54

(a) What recursive formula would you enter in cell B3 that could be filled down?

B2= * 0.033

B$2= * 1.033

B2= * 1.033

B$2 ^A3= * 1.033

(b) What closed formula would you enter in cell B3