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10 Nov 2019
For a eight year period, Mike deposited $600 each quarter intoan account paying 3.6% annual interest compounded quarterly. (Roundyour answers to the nearest cent.)
(a) How much money was in the account at the end of 8 years?Show work.
(b) How much interest was earned during the 8 year period? Showwork.
Mike then made no more deposits or withdrawals, and the money inthe account continued to
earn 3.6% annual interest compounded quarterly, for 5 moreyears.
(c) How much money was in the account after the 5 year period?Show work.
(d) How much interest was earned during the 5 year period? Showwork.
For a eight year period, Mike deposited $600 each quarter intoan account paying 3.6% annual interest compounded quarterly. (Roundyour answers to the nearest cent.)
(a) How much money was in the account at the end of 8 years?Show work.
(b) How much interest was earned during the 8 year period? Showwork.
Mike then made no more deposits or withdrawals, and the money inthe account continued to
earn 3.6% annual interest compounded quarterly, for 5 moreyears.
(c) How much money was in the account after the 5 year period?Show work.
(d) How much interest was earned during the 5 year period? Showwork.
Elin HesselLv2
16 Jul 2019
