Question

Help with 2 questions

Answer 1

Find the total amount if you deposit $ 600 at a rate of 5% for two years compounded annually.

Find the total amount if you deposit $800 at a rate of 8% for a total of four years compounded annually.

Answer 2

@Luigi0210 please Help

Answer 3

Do you know your formula?

Answer 4

no

Answer 5

you need to multiply the interest by the principle. it will give you what you get by interest per year

Answer 6

what would the principle be?

Answer 7

and isn't that simple interest?

Answer 8

the amount you started with so it would be the deposit

Answer 9

Yeah I think that's simple interest. I know how to do that I don't know how to do the compound annually part

Answer 10

add the interest together depending on the amount of years

Answer 11

I think Miss Melody's got you yani ^_^

Answer 12

okay

Answer 13

600(1+5%)x2?

Answer 14

that would equal 1260

Answer 15

would this be how much she earns or how much she has after 2 years?

Answer 16

@melody16

Answer 17

660 (.05) = 30 That would be what she gets per year

Answer 18

since it is for two years you need to multiply it by 2

Answer 19

for the second question you do the same thing. You need to change the % into a decimal btw

Answer 20

actually it's:
600(1+.05)^2

Answer 21

so it is to the power of 2

Answer 22

is compounded supposed to be a power?

Answer 23

so she has 661.5 at the end of 2 years?

Answer 24

i got, 660 but im not sure anymore that dude confused me

Answer 25

yeah I'm confused to.

Answer 26

here is an example as to what my assignment is
http://www.kto8.com/LessonREsources/8_InterestWordProblems_ActivityCompleted.pdf

Answer 27

The formula for these is:
A=P(1+r/n)^(n*t)

Answer 28

okay I think I'm just going to ask my teacher tomorrow
Thanks

Answer 29

I'll best response @Luigi0210 and fan @melody16