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Quiz 1_answers - Quiz 1 1(0.5%). Compute the compound...

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Quiz 1 1(0.5%). Compute the compound amount after 1 year for $100 invested at 6% interest compounded monthly. What simple interest rate will yield the same amount in 1 year? 1) F=(1+0.005)^12*100=$106.17 2)106.17=(1+r)*100 => r=.0617=6.17% 2(0.5%). On January 1, 2005, Tome decided to save for exactly 1 year for a 10 speed bike by depositing $10 at the end of each month into a saving account paying 6% interest compounded monthly. How much did he accumulate?
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This note was uploaded on 04/08/2008 for the course MATH 105Q taught by Professor Arellano during the Fall '07 term at UConn.

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