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wksht4 - Math 21A Kouba Worksheet 4 1 You wish for $500 in...

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Unformatted text preview: Math 21A Kouba Worksheet 4 1.) You wish for $500 in a savings account wi th no additional deposits to grow to $1200 in 8 years. If interest is compounded daily, what should the annual interest rate r be ? 2.) A savings account with no additional de posits grew from $1000 to $5200. If the annual interest rate was 3.5% compounded yearly, how long was the money in this account ? 3.) An account with interest compounded continuously earned 5.5% 3 years. If the final amount in the ace made, what was the initial amount ? annual interest for ount was $12, 850 and no additional deposits were 4.) An account with interest compounded contin account grew from $2000 to $20, 000 the money in the account ? uously earned 12% annual interest. If the and no additional deposits were made, how long was annual interest rate of 5.8% compounded once per year. Compare the amounts which would be in each account after t = 5 years, t = 50 years, and t = 75 years. ...
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