Question

PLZZZ HELP, i have limited time and i will give brainliest.

Q1
Selena has placed $500 in an account that pays simple interest of 5 percent annually. Selena will have earned $ _.00 in interest by the end of the year.

Q2
Suki has placed $800 in an account that pays 4 percent interest compounded quarterly. At the end of two years (eight quarters), the balance in the account will be $__ . That means Suki will have earned $ in interest during that time. (Round your answers to the nearest cent.) What will be the balance in the account at the end of two years (eight quarters)? How much interest will Suki have earned during that time? (Round your answers to the nearest cent.)

Q3
Jessica is considering putting $50 into a money market account that pays a 4 percent annual interest rate. It will take year(s) for the money to double to $100. (Use the Rule of 72 to find the answer.)
every ____ mark you put the answer in that place.
plz label the answer with Q1 etc

Answer 1

Answer:

Q1. Selena will have earned $ 25.00 in interest by the end of the year.

Since interest paid is 5% in simple interest, we can calculate that by using the formula:

$SI = (P)(r)(t)$

$SI = (500)(0.05)(1) = 25$

Q2. The balance in Suki's account at the end of two years will be $866.2854.

This means that she will have earned $66.2854  in interest.

Since interest is compounded quarterly, Suki will receive interest for 8 periods. The formula for compound interest with more than one interest period per year is:

$\mathbf{A = (P)*(1+(\frac{i}{m})^{n*m}}$

where

A is the amount at the end of the period

P is the principal

i is interest rate per annum

m is number of compounding periods in a year

n is number of years

Substituting the values in the formula above we get,

$A = (800)*(1+(\frac{0.04}{4})^{2*4}$

$A = (800)*(1.01)^{8}$

$\mathbf{A = 866.2853645}$

Now, we calculate the interest earned by doing \mathbf{CI = A -P}.

$\mathbf{CI = 866.2854- 800 = 66.2854}$

Q3. It will take 18 years for the money to double to $100.

Since we need to use the rule of 72, we'll divide 72 by the interest rate to determine the number of years needed to double the investment's value.

So, the number of years is $\frac{72}{4} =18$.