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.
Math 105Q Class Notes 1
Preliminaries: Be sure, that you are familiar with my syllabus 10.1 Interest Interest: what the bank pays you for using your money Principal: the money deposited in an account Compound amount: the amount in an accou