Finite Mathematics (Future Value – Present Value)
– What is the difference between the accumulated amount
(future value) and the present value of an investment? Please give examples of
each.
– Find the accumulated amount at the end of 8 mo on a $1200
bank deposit paying simple interest at a rate of 7%/year.
– A bank deposit paying simple interest at the rate of
5%/year grew to a sum of $3100 in 10 months. find the principle.
– Five and a half years ago, Chris invested $10,000 in a
retirement fund that grew at the rate of 10.82%/year compounded quarterly. What
is his account worth today?
– If Jackson deposits $100 at the end of each month in a
savings account earning interest at the rate of 8%/year compounded monthly, how
much will he have on deposit in his savings account at the end of 6 yr,
assuming that he makes no withdrawals during that period?
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