Inde if necessary. (Example 1)
where
unded
5 years.
Tutor
Calculate the simple interest earned. Round to the nearest cent,
1. $1,490 is deposited into an account that earns 2% simple interest for
2. $6,300 is deposited into an account that earns 3.5% simple interest for 9 years.
Calculate the compound interest earned. Round to the nearest cent,
$2,400 is deposited into an account that earns 5% compound interest,
compounded weekly, for 9 years. There are 52 weeks in one year.
rn
compounded annually, for 3 years.
4. $6,300 is deposited into an account that earns 3.5% compound interest,
if necessary. (Example 2)
3.
5. Compare the interest earned in Exercises 2 and 4. (Example 3)