Question

i am needing help figuring out what i need to do.

Answer 1

I think that website needs to check their security settings! The directory /LessonResources/ is forbidden, but the PDF is perfectly accessible.

Answer 2

k

Answer 3

i am needing help figuring out what i need to do

Answer 4

|Amount at beginning of year| Interest rate Interest earned in year |Total Amount at end of year| Answer from Spreadsheet| Answer from Hand Calculation |



Problem #1: Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.
Year 1
Year 2

Problem #2: Find the total amount if you deposit $300 at a rate of 6% for three years using simple interest.
Year 1
Year 2
Year 3

Problem #3: Find the total amount if you deposit $ 600 at a rate of 5% for two years compounded annually.
Year 1
Year 2

Problem #4: Find the total amount if you deposit $800 at a rate of 8% for a total of four years compounded annually.
Year 1
Year 2
Year 3
Year 4

Answer 5

First at all, do you know the Simple Interest formula?

Answer 6

do i do this?

$500 - 6.00% = $25
$500 + $25= $525
for the first year the total would be $525
then
$525 - 6.00% = $26.25
$525 + $26.25 =$551.25
so the total for the second year would be $551.25

Answer 7

?

Answer 8

then do i keep doing the same thing for each one?

Answer 9

Can you answer directly to my question? What's simple interest formula?

Answer 10

A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate by the principal by the number of periods?

Answer 11

I don't really understand your quick method, but the concept is the more periods you compound in the same interval, the more interest you earn!
As long as the amount of compound formula is higher than the amount of simple interest, then you're on the right track!