Question

If $15,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is: (a) 7% simple interest: $ 31500 (b) 7% compounded annually: $ 114183.825690 X 99183.83 (c) 7% compounded quarterly: $ (d) 7% compounded monthly: $

          If $15,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is:
(a) 7% simple interest: $ 31500
(b) 7% compounded annually: $ 114183.825690 X 99183.83
(c) 7% compounded quarterly: $
(d) 7% compounded monthly: $

If 15,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is:
(a) 7% simple interest: $ 31500
(b) 7% compounded annually: $ 114183.825690 X 99183.83
(c) 7% compounded quarterly: $
(d) 7% compounded monthly: $

Added by Miriam H.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Maria Dearborn

10/26/2022

Step 1

To calculate the total interest earned with simple interest, we use the formula: Interest = Principal * Rate * Time In this case, the principal is $15,000, the rate is 7%, and the time is 30 years. Interest = $15,000 * 0.07 * 30 = $31,500 Therefore, the total Show more…

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question If $15,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is: (a) 7% simple interest: $31500 (b) 7% compounded annually: $ 114183.825639 X 99183.83 (c) 7% compounded quarterly: $ OF (d) 7% compounded monthly: $ If $15,000 is invested in an account for 30 years.Calculate the total interest earned at the end of 30 years if the interest is: a7% simple interest:S31500 (b)7% compounded annually:$ 14183.82569 99183.83 (c7% compounded quarterly:$ (d) 7% compounded monthly:$