Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest...
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Simple Interest and Compound Interest
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Transcript of Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest...
![Page 1: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/1.jpg)
Simple Interestand
Compound Interest
![Page 2: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/2.jpg)
Formulas
A P(1 rt )
I Prt
Simple Interest Future Value Formula
Interest Earned
![Page 3: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/3.jpg)
Find the future value of $3670 deposited at 2¾% annual simple interest for 7 years.
![Page 4: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/4.jpg)
How much must be deposited now at
annual simple interest so that in 2 years and 7 months an account will contain $3000?
%87
5
![Page 5: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/5.jpg)
Formulas
A P 1 r
m
mt
Compound Interest Future Value Formula
![Page 6: Simple Interest and Compound Interest. Formulas Simple Interest Future Value Formula Interest Earned.](https://reader036.fdocuments.us/reader036/viewer/2022082422/56649e725503460f94b71166/html5/thumbnails/6.jpg)
When Mike Jones was born, his grandparents deposited $5,000 into a special account for Mike’s college education. The account earned 7¼ % interest compounded daily.
How much will be in the account when Mike is eighteen?