Question

1.) Calculate the compound interest on investing $600 for 2 years at 7% per annum.

2.) Given that TT $1.00= EC $ 1.20
And TT $ 4.75= US $1.00

Convert (a.) TT $65.00 to EC $
(b.) EC $950.00 to US $

a. Calculate the amount she would receive at the exchange rate US $1.00=TT $ 6.75


3) Mr. Ford invested $13 550 in a bank at 7% per annum simple interest for 5 years. Calculate:

a.) The interest he was paid

b.) The total of amount of money he would have received at the end of the period of investment.


4) A tourist changed US $ 1300 to Trinidad and Tobago currency. Calculate the amount she received at the exchange rate US $1.00= TT $2.50

5) Calculate the compound interest earned when $14000 is invested for 5 years at 7% per annum.

Answer 1

Answer:

82.94

Step-by-step explanation:

CI = P [(1+R%)^T -1]

600 [(1+7/100) ^2 -1]

600 [(107/100)^2 -1]

600 [107×107-100×100/100×100]

600×11449-10000/10000

600×1449/10000

829400/10000

= 82.94 Answer .