Mathematics College

First National Bank is offering 4.25% interest on an account. Susan makes an
initial deposit of $20,000. Calculate the interest camed over 20 years if the
bank...
a) Calculates the interest using simple interest (I -- Prt).
b) Calculates the interest using compound interest compounded annually.
c) Calculates the interest using compound interest compounded quarterly.
d) Calculates the interest using compound interest compounded monthly.

Answers

Answer 1

The simple interest earned is  $17,000.

The interest earned with annual compounding is $25,978.13.

The interest earned with quarterly compounding is $26,583.59.

The interest earned with monthly compounding is $26,722.72.

The formula that can be used to determine simple interest is: principal x time x interest rate

$20,000 x 20 x 0.0425 = $17,000

The formula that can be used to determine the interest earned with compounding is: Future value - amount invested.

The formula that can be used to determine future value is:

FV = P (1 + r/m)^nm

FV = Future value  

P = Present value  

R = interest rate  

m = number of compounding

N = number of years

Annual compounding = $20,000 x (1.0425)^20 = $45,978.13

Interest earned = $45,978.13 - $20,000 =  $25,978.13

Quarterly compounding = $20,000 x (1 + 0.0425/4)^80 = $46,583.59

Interest earned = $46,583.59  - $20,000 = $26,583.59

Monthly compounding = $20,000 x (1 + 0.0425 /12) ^240 = $46,722.72

Interest earned = $46,722.72 - $20,000 = $26,722.72

To learn more about future value, please check: https://brainly.com/question/18760477

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Answers

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