MAT 142 5.2 Compound Interest
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Description
MAT 142 Problem set
Unit: Finance
Topic: Compound Interest
Directions: Solve the following problems. Please show your work, show the correct formula and explain
your reasoning.
- LaDonna uses $25,000 to purchase a 25 month CD that pays 2.47% compounded
monthly.
a. What is her investment worth at the end of 25 months?
b. How much interest did she earn?
- Zulemias grandparents set up an account when she was born. The account earned
4.27% compounded daily. She turned 18 today and she has $32,349.72 in the account.
How much money did her grandparents deposit on the day she was born?
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Published On:
02/25/2013
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