Reminder of the Equations you need to know FOR SIMPLE

Last updated: 7/25/2023

Reminder of the Equations you need to know FOR SIMPLE INTEREST I I pxrxt FUTURE VALUE OF AN ANNUITY F R 1 1 i 1 For COMPOUND INTEREST A P 1 i PRESENT VALUE OF AN ANNUITY R1 1 1 1 1 i PVR PRESENT and FUTURE VALUE CALCULATOR 1 Sue decided to invest the 1500 in savings from her part time job into a 6 month short term investment account at the bank The account earns 4 5 simple interest per year Show your work by hand a What is the accumulated amount of the investment at the end of the 6 months Interest Principal K 13 b How much simple interest was earned A 2 2 After working all summer Ryan plans on investing a portion of his savings to purchase a car in 3 years Determine the amount of summer savings he should invest now at an interest rate of 5 4 compounded semi annually if he wants to K 4 hand