Calculate the amount of money you'll have at the end of the indicated time period, assuming that you earn simple interest. You deposit \(\$4000\) in an account with an annual interest of \(5.3\%\) for \(10\) years. The amount of money you'll have at the end of \(10\) years is?
Question
Answer
\(\$6120\)
Related Questions
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Kavya has \( \$ 200 \) in US dollars, which she will exchange for local currency at each stop as she travels to Ireland, India, Japan, Denmark, and Canada. On the dates she makes her transactions, she gets exchange rates of \( 2 \) Danish krone per \( 37 \) Japanese yen; \( 4 \) US dollars for \( 3 \) euros (used in the European Union, including Ireland); and \( 5.1 \) krone per Canadian dollar.
\( 1000 \) Indian rupees may be exchanged for \( 12.2 \) euros or \( 1700 \) yen. How does her final cash-on- hand in Canadian dollars compare to what she would have gotten by travelling directly to Canada, getting \( \$ 1.07 \) CAD for every \( \$ 1 \) US? (Ignore transaction fees.)
A) $34.16 CAD less
B) $7.53 CAD less
C) $7.53 CAD more
D) $221.53 CAD more
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Edgar accumulated \( \$ 5,000 \) in credit card debt. If the interest rate is \( 20 \% \) per year and he does not make any payments for \( 2 \) years, how much will he owe on this debt in \( 2 \) years with monthly compounding?
Round your answer to the nearest cent. Do NOT round until you calculate the final answer Provide your answer below:
Q:
Edgar accumulated \( \$ 5,000 \) in credit card debt. If the interest rate is \( 20 \% \) per year and he does not make any payments for \( 2 \) years, how much will he owe on this debt in \( 2 \) years with monthly compounding?
Round your answer to the nearest cent. Do NOT round until you calculate the final answer Provide your answer below:
Q:
Edgar accumulated \( \$ 5,000 \) in credit card debt. If the interest rate is \( 20 \% \) per year and he does not make any payments for \( 2 \) years, how much will he owe on this debt in \( 2 \) years with monthly compounding?
Round your answer to the nearest cent. Do NOT round until you calculate the final answer Provide your answer below:
Q:
A phone company offers two monthly charge plans. In Plan A, the customer pays a monthly fee of \( \$ 26.20 \) and then an additional \( 5 \) cents per minute of use. In Plan \( B \) , the customer pays a monthly fee of \( \$ 20 \) and then an additional \( 7 \) cents per minute of use.
For what amounts of monthly phone use will Plan A cost less than Plan B?
Use \( m \) for the number of minutes of phone use, and solve your inequality for \( m \) .