200 likes | 764 Views
Simple Interest and Compound Interest. Formulas. Simple Interest Future Value Formula. Interest Earned. Find the future value of $3670 deposited at 2¾% annual simple interest for 7 years. .
E N D
Simple Interest and Compound Interest
Formulas Simple Interest Future Value Formula Interest Earned
Find the future value of $3670 deposited at 2¾% annual simple interest for 7 years.
How much must be deposited now atannual simple interest so that in 2 years and 7 months an account will contain $3000?
Formulas Compound Interest Future Value Formula
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?