SOLUTION: If $24,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is: (a) 5% simple interest: $ (b) 5% compound

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Question 1195610: If $24,000 is invested in an account for 30 years. Calculate the total interest earned at the end of 30 years if the interest is:
(a) 5% simple interest: $

(b) 5% compounded annually: $

(c) 5% compounded quarterly: $

(d) 5% compounded monthly: $

Round your answers to the nearest cent.
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
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Having so great interest to the subject,  you may learn it from this lesson
    - Compounded interest percentage problems
in this site.

You will find there many similar solved problems with detailed explanations.


Happy learning  ( ! )


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