Answer:
a.) $29,750.00 simple interest
b.) $75,266.35 Compounded annually
c.) $79,358.65 compunded quarterly
d.) $80,332.11 compounded monthly
Step-by-step explanation:
a.) Formula: I = p x r x t
Where:
P is the principal amount, $17000.00.
r is the interest rate, 7% per year, or in decimal form, 7/100=0.07.
t is the time involved, 25....year(s) time periods.
So, t is 25....year time periods.
To find the simple interest, we multiply 17000 × 0.07 × 25 to get that:
The interest is: $29750.00
______________________________
b.) $75,266.35
c.) $79,358.65
d.) $80,332.11
