Compound Interest - Gordon State College
Compound Interest
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Where:
A = Total accumulated amount of money
P = Principal = Capital = Initial Investment
R = Interest rate (In Decimal), APR= Annual Percentage Rate
n = Number of times the interest is compounded per unit time.
t = Time , Y = Number of Years.
Compounded n
Annually 1
Semi-Annually 2
Quarterly 4
Monthly 12
Daily 365
Weekly 52
Bi-Weekly 26
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Solution to Selected problems of Section 3.1
1a) 5% of 200 = 0.05x200 = 10
1f) 3.75% of 47 = 0.0375x47 = 1.763
2a) The old price of $6.70 is increased by 10%
New Price = 1.10 x 6.7 = $7.37
2d) The old price of $69.50 is decreased by 6.6%
New Price = (1 – 0.066) x 69.50 = $64.913
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