Maria invests $3,000 at 12% simple interest for 1 year. How much is in the account...
Maria invests $3,000 at 12% simple interest for 1 year. How much is in the account at the end of the 1 year period?
How much would Maria need to deposit in an account now in order to have $6000 in the account in 5 years? Assume the account earns 2% simple interest. Round your answer to the nearest cent.
Homework Answers
Future value = present value + present value * interest * time
a)
Future value = 3000 + 3000 * 12% * 1
= 3360
b)
Present value = Future value/(1+ interest *time)
= 6000/(1+ 5*2%)
= 5454.55
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