SOLUTION: 1) A retiree invests $3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year? 2) A friend lends you $240, which you agree

Question 1052178: 1) A retiree invests $3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year?

2) A friend lends you $240, which you agree to repay with 4% interest.
How much will you have to repay?
$

How much of that was interest?
3)
Alewuya invests $14,000 at 2% simple interest for 7 year. How much is in the account at the end of the 7 years period?

thanks
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
1)
FV=3000(1.03)=$3090
2)
240*1.04=$249.60
3)
FV=14000(1.02)^7
FV=14000(1.1487)
FV=$16081.60
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