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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 $5000$. Find the value of the investment after one year, given the following rates:

1. Annual interest of $12\%$ compounded monthly. Hint: See part (d) of the previous problem.

$y = 5000\left(1.01\right)^{12}$
$y = 5,634.13$ dollars

2. Annual interest of $8\%$ compounded quarterly (4 times per year).

$y = 5000\left(1.02\right)^{4}$
$y = 5,412.16$ dollars

3. Annual interest of $5.2\%$ compounded weekly.

Follow the same thinking process as in the parts above.

4. Annual interest of $7.3\%$ compounded daily.

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