Question
i need help with these problems below !
mike deposited $500 for 9 months at 8%, compounded quarterly.
a. how many times was interest added to mike's account?
b. what percent interest was added each time?
c. what was the balance in mike's account at the end of 9 months?
sara deposited $1400 for 1 year at 10%, compounded semiannually.
a. how many times was interest added to sara's account?
b. what percent interest was added each time?
c. what was the balance in sara's account at the end of one year?
i don't understand how to do these problems so please explain & show work.
mike deposited $500 for 9 months at 8%, compounded quarterly.
a. how many times was interest added to mike's account?
b. what percent interest was added each time?
c. what was the balance in mike's account at the end of 9 months?
sara deposited $1400 for 1 year at 10%, compounded semiannually.
a. how many times was interest added to sara's account?
b. what percent interest was added each time?
c. what was the balance in sara's account at the end of one year?
i don't understand how to do these problems so please explain & show work.
Answers
$21.60
Related Questions
mike and sam begin saving money at the same time. mike plans to save $3 a month and sam plans to sav...
Mike's grandmother opened a savings account in Mike's name and deposited some money into the account...
on january 1 2017 simon deposited rupees 30000 in a bank giving 9% interest compounded every 4 month...