Homework Answers
a.Simple interest=Principal*Interest rate*Time period
=5700*(5/12)*0.18=$427.5
Future value=Principal+Simple interest
=$427.5+5700
=$6127.50
b.We use the formula:
A=P(1+r/365)^365n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=9110*(1+0.05/365)^(365*7)
=9110*1.419033533
=$12927.40(Approx).
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