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1 answer:
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Answer:
He earned $114 in interest.
The final amount in the account is $874
Step-by-step explanation:
Initial balance (b): $760
Interest rate (i): 0.05
Period (n): 3 months
Simple interest applications yield the same amount in interest every period. Therefore, the total simple interest earned can be defined by:
The final amount (A) in the account is the initial balance plus the interest earned in 3 months.
He earned $114 in interest and the final amount in the account is $874
Answer:
$2191.12
Step-by-step explanation:
We are asked to find the value of a bond after 10 years, if you invest $1000 in a savings bond that pays 4% interest, compounded semi-annually.
, where,
,
r = Rate of return in decimal form.
n = Number of periods.
Since interest is compounded semi-annually, so 'n' will be 2 times 10 that is 20.
Therefore, the bond would be $2191.12 worth in 10 years.