Question #1 | | | Jamie wants to earn $500 in interest so she’ll have enough to buy a used car. She puts $2000 into an account that earns interest. How long will she need to leave her money in the account to earn $500 in interest? | | | | Question #2 | | | A local bank is advertising that you can double your money in eight years if you invest with them. Suppose you have $1000 to invest. What interest rate is the bank offering? | | | Try These | | | | | | | |
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000 to grow to $30‚000 at 8%p.a. simple interest? (in years correct to two decimal places) Q2: Calculate the present value of $10‚000 due to be paid 3 years from now. The interest rate to use in the calculation is i4 40% Q3: Calculate the present value of $10‚000 due to be paid 3 years from now. The interest rate to use in the calculation is i2 40% Q4: If compound interest is charged at 2.0% per month‚ what is the effective annual rate of interest (as a percentage correct to
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BUSINESS MATH Simple Interest and Simple Discount Business Math‚ Eighth Edition Cleaves/Hobbs © 2009 Pearson Education‚ Inc. Upper Saddle River‚ NJ 07458 All Rights Reserved 11.1 The Simple Interest Formula Find simple interest by using the simple interest formula. Find the maturity of a loan. Convert months to a fractional or decimal part of the year. Find the principal‚ rate or time using the simple interest formula. Business Math‚ Eighth Edition Cleaves/Hobbs © 2009 Pearson
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Between Simple Interest and Compound Interest We will be going into the difference between simple interest and compound interest. The results can be astounding when comparing the two results of any kind of example when comparing the two. To understand your finances and how your money works this will be a very integral part of knowledge. The first and most important difference between these two types of interest is that in compound interest you begin to earn interest on the interest that you
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their mind education. However‚ both are extremely exorbitant to them. As a concerned global citizen‚ you may feel sympathetic towards them and there are actually many things you can do to ameliorate their horrible conditions. 1. Donate money. As simple as it sounds‚ it is one of the most effective ways to help these homeless children. There are lots of charities accepting donations for homeless children. Make a list and do a little bit research on each of them. Find out what they do with all the
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improvements have helped reduce Panama’s public debt (domestic and external) from 70% of GDP in 2004 to an estimated 47% last year. In addition‚ good debt management has allowed the government to extend the average maturity of its obligations and reduce interest rates. Over the medium-long term‚ Panama’s economy will continue to benefit from its position as a major international hub. Further‚ the Canal expansion is expected to boost growth above potential until 2014. EDC Economics does not expect any
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My interest in life is going to college and to become a Chemical Engineer. Chemical Engineers is the combination of chemistry‚ math‚ and physics to design and operate the manufacturing processes. I want to major in engineering because ever since I was a child I realized that I am asking myself the same questions‚ how do things work‚ what do they do‚ and how can I do something better about the environment. I have always enjoyed challenging myself mentally‚ construct new things‚ and math is my best
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It is undoubtedly true that money is integral part of our modern lives. Therefore‚ some believe that high salary is the most important thing in their job. Others are of the opinion that people should work at jobs which is in their favorite. Each of views has its own merits. There are plausible reasons why many people look for jobs offering high salary. First of all‚ the fact remains that life is easier for those who have a plenty of money as they can do everything what they want‚ and do not have
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Essay – Simple Living Give an outline of the attitudes to ‘’Simple Living’’ presented in texts 1‚ 2 and 3. Text 1 The first perspective on the concept ‘’Living Simple’’ is from author Elizabeth Scott‚ ‘’Simple Living‚ Recession-Style’’‚ an article from the website About.com‚ March 20‚ 2009. “The idea was to pare down and get rid of all the extra "stuff that we think we need‚ but don’t: extra belongings that clutter our homes‚ extra activities that pack our schedules to the hilt‚ extra food that
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The Simple Gift Essay Transitions can be confronting but leads to new understandings of the self and others. Transitions can often be caused or prompted but can lead to new understandings and views of the self and others. The cause of Billy’s transition is caused by physical and psychological abuse from his father‚ lack of caring from his school and his run down neglected neighbourhood with its “truck still on blocks”‚ “unmown grass” and “broken windows”‚ all the symbols pointing to a decaying‚ decrepit
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