open boats for sale
Can someone please answer these math questions?
1. Jim is opening up a new savings account. He has $300 to deposit into this account and has two options from which he can choose. Account A pays 5% annual interest compounded annually while Account B pays 5% compounded quarterly. Which account pays more interest, Account A or Account B? Explain.
2. The ninth grade class is raising money for a field trip. The class goal is to raise $550. For a fundraiser, they will receive 20% of the sales. What amount of sales must the class achieve to earn $550?
3. Greg borrowed $10,000 to purchase a pontoon boat. The credit union charges 9 percent simple interest on boats. He paid $4,500 in interest. For what period of time did he borrow the money?
4. Determine the value of a $3,000 investment paying 9% interest, compounded semi-annually, over a 2-year period.
10 pts best answer
It would be better to get the compounded quarterly interest, as he will be earning interest on the interest for the next quarter…
$300 in
After 3 months…
Account A = $300 (no interest paid yet)
Account B = $300 + ($300 * 0.05 / 12 * 3) = $300+$3.75 = $303.75
(it’s 0.05 interest, for 12 months, but we are only having 3 months worth of interest)
After 6 months…
Account A = $300
Account B = $303.75 + ($303.75 * 0.05 / 12 * 3) = $307.55
After 9 months…
Account A = $300
Account B = $307.55 + ($307.55 * 0.05 / 12 * 3) = $311.39
After 12 months…
Account A = $300 + ($300 * 0.05) = $303.75
Account B = $311.39 + ($311.39 * 0.05 / 12 * 3) = $315.28
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20% of sales = $550
sales = $550 / 0.2
= $2750
(check it back… 20% of $2750 = $550 woohoo)
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Simple interest is not compounded like the first example… so it’s simple maths…
On $10,000 … one year interest would be $900
He paid $4,500… so years = $4500 / $900 = 5 years
——————————————————————
After 6 months…
Investment = $3000 + ($3000 * 0.09 / 12 * 6) = $3135
12 months…
Investment = $3135 + ($3135 * 0.09 / 12 * 6) = $3276.08
18 months…
Investment = $3276.08 + ($3276.08 * 0.09 / 12 * 6) = $3423.50
24 months…
Investment = $3423.50 + ($3423.50 * 0.09 / 12 * 6) = $3577.56
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