PSYC 221 Chapter : IMG 0106
15 Mar 2019
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The following document contains practice problems for your third quiz. The equations listed below will be printed on the front of the test. You are expected to memorize any equation not printed on this first page. 1: you invested ,200 in an account that pays 5% simple interest. Interest = (0. 05 x ,200) x 10 = ,100. Balance = ,200 + ,100 = ,300: miranda invested ,500 in an account that pays 6% simple interest per year. Balance with simple interest = (0. 06 x ,500) x 4 + ,500 = ,020: you invested ,650 in an account that pays 5% simple interest. Balance with simple interest = (0. 05 x ,650) x 20 + ,650 = ,300. Balance with compound interest = ,650(1. 05)20 = ,377. 94. Gain with compounding = ,377. 94 ,300 = ,077. 94: tre" invested ,400 in an account that pays 5% simple interest per year.
