To purchase a car, a man takes out a loan for $3,000 for 120 days. If the simple interest rate is 9% per year, how much interest will he have to pay at the end of the 120-day loan period? (Round your answer to the nearest cent.)

Question

anonymous · Answer

I=3000*0.09*120/365 = 88.77

anonymous · Answer

After receiving a $420,000 cash gift, a university decides to deposit the money in an account paying an annual rate of 5.88%, compounded quarterly. How much money will the account contain in 9 years? (Round your answer to the nearest cent.)