What annual percentage yield (APY) for money invested At the given annual rate?

Question

What annual percentage yield (APY) for money invested At the given annual rate? Round results to the nearest hundredth of a percent. 5% compounded semiannually. 5.06% 5.00% 5.13% 3.5% compounded continuously. 3.56% 35.5% 35.3% 3.50% Solve the problem. Round to the nearest cent as needed. Samantha s savings account has a balance of $4643. After 25 years, what will the amount of interest be at 6 compounded annually? $15, 289.16 $278550 $15, 284.16 $15, 273.16 How long will it take for $8400 to grow to $14, 600 at an interest rate of 9.4% if the interest is compounded continuously? Round the number of years to the nearest hundredth. 58.81 years 5.88 years 0.06 year 0.59 year

Explanation / Answer

6.

P = 4643

t = 25 yrs

r = 6% = 0.06

n = 1

Interest = P*(1 + i)^t - P

= 4643*(1 + 0.06)^25 - 4643 = $15284.16

Correct option is C.

7.

A = P*exp(r*t)

A = 14600

P = 8400

r = 9.4% = 0.094

t = ?

A/P = exp(rt)

r*t = ln (A/P)

t = (1/r)*ln (A/P)

t = (1/0.094)*ln (14600/8400) = 5.88 yrs.

Correct option is B.

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