https://www.coursehero.com/tutors-problems/Calculus/25538142-need-help-with-financial-literacy-thanks/

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Answer & Explanation
VerifiedSolved by verified expert

Here we use the formula of compound interest to evaluate the problem.

P=A(1+r/100)^n.

here,

A= amount invested at beginning

r= interest rate for one compounding period.

n= number of times amount is compounded in the given period.

Step-by-step explanation

Image transcription text

Solution :. 1 Given P = $6267. 134 Annual interest rate = 7% Therefore final amount after Interest
rate for one quarter= $ 7. one year = $ 6267-13 = 1757 so choose 3 d option. Here the interest is
compounded for each quarter . Formula of Numberof Compound interest . - Amount i... Show more

Image transcription text

(2 Annual interest rate : 5:9% here P = $47, 000 & Compounding period is 1 week. n = 832
weeks in a year : 52 7 : 5.9 % 50 Interest rate for one compounding period 7 = 5.9 . 52 A = ? No
of times amount is Compounded= 16x 52 P = A ( 1+ 7 )" n = 832. 1832 47,000 ... Show more

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