webassignnet 00 Section 51 Practice Another Version 1 1 poi

webassign.net 00 Section 5.1 Practice Another Version 1. + 1 points TanFin11 5.1.004 My Notes Ask Your Teacher Find the accumulated amount at the end of 9 months on a $1200 bank deposit paying simple interest at a rate of 8%/year. (Round your answer to the nearest cent.) Master It Chat About It 2. + 1 points TanFin11 5.1.006 My Notes Ask Your Teacher A bank deposit paying simple interest at the rate of 8%/year grew to a sum of $1200 in 10 months. Find the principal. (Round your answer to the nearest cent.) Need Help?Read ItChat About It Submit Answer Save Progress Practice Another Version 3. + 1 points TanFin11 5.1.010 My Notes Ask Your Teacher Determine the simple interest rate at which $1200 will grow to $1233 in 6 months. (Round your answer to two decimal places.) year Need Help?Read It Chat About It 4. + 1 points TanFin11 5.1.014 My Notes Ask Your Teacher Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.) P = $2900, r = 296, t = 13 , compounded semiannually 2 Need Help?Read It Watch It Master It Chat About It

Solution

1. Simple interest = (P X R X T )/100

         P = Principal = $1200

        R = Rate of interest = 8

        T = number of years = 9 months = 9/12yr = 3/4yr

S.I = (1200 x 8 x (3/4)) / 100 = $72

Amount = P + S.I = $1200 + $72 = $1272