Section 5.1 Compound Interest
Here P is the principal (money you start out with), r is the interest rate (as a decimal), and t is the time (in years). 1. Find the accumulated amount at the end of 9 months on a $1800 bank deposit paying simple interest at a rate of 9%/year. (Round answer to the nearest cent.) 2. A bank deposit paying simple interest at the rate of 6%/year ... ................
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