Test Yourself


Question 1   (Solution)
An amount of $2,535.00 is deposited in a bank paying an annual interest rate of 5.3 % compounded quarterly. Find the balance after 3 years.

Question 2   (Solution)
An amount of $3,750.00 is deposited in a bank paying an annual interest rate of 4 % compounded monthly. Find the balance after 3 years and 2 months.

Question 3   (Solution)
An amount of $3000.00 is deposited in a bank paying an annual interest rate of 5 % compounded daily.

(a) Find the balance after 4 years.
(b) Find the interest gained in 4 years.

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