Finite math

A bank deposit paying simple interest at the rate of 8%/year grew to a sum of $1600 in 10 months. Find the principal.

Find the accumulated amount after 2 years if $3000 is invested at 4%/year compounded continuously.

Jennifer was awarded damages of $150,000 in a successful lawsuit she brought against her employer 5 years ago. Simple interest on the judgment accrues at the rate of 11%/year from the date of filing. If the case were settled today, how much would Jennifer receive in the final judgment?

Maxwell purchased $30,000 worth of 52-week T-Bills for $29,650. What will be the rate of return on his investment?

Today, a typical family of four spends $840/month for food. If inflation occurs at the rate of 3%/year over the next 7 years, how much should the typical family of four expect to spend for food 7 years from now?

Two and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 9.82%/year compounded quarterly. What is his account worth today? (Round your answer to the nearest cent.)

Leonard’s current annual salary is $70,000. Ten years from now, how much will he need to earn to retain his present purchasing power if the rate of inflation over that period is 2%/year compounded continuously? (Round your answer to the nearest dollar.)

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Posted on May 10, 2016Author TutorCategories Question, Questions