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8-47.

Most investments receive compound interest as opposed to simple interest. This allows an investment to earn interest on the interest already received. Miranda plans to invest . Find the value of the investment after one year, given the following rates:

  1. Annual interest of compounded monthly. Hint: See part (d) of the previous problem.


    dollars

  2. Annual interest of compounded quarterly (4 times per year).


    dollars

  3. Annual interest of compounded weekly.

    Follow the same thinking process as in the parts above.

  4. Annual interest of compounded daily.

    Follow the same thinking process as in the part (a) and (b) above.