Question

Please help with the steps thx:)

Answer 1

The answer for the first is $350,325.378, I think

Explanation:

I hope this helps, if im wrong im sorry

Answer 2

interest: 945, FV: 6345

FV= 323711.4, Interest: 226211.4

25.21 years

Explanation:

question 1:

simple interest formula

PV(1+it)

30 months is equal to 30/12 years or 2.5 (so t= 2.5)

5400(1+.07*2.5)= 6345

This is the future value, to find the interst subtract the present value

6345-5400= 945

2.)

future value of continously compounding interst:

PV(e^(it))

97500*e^(.06*20)= 323711.4

finding the interest is the same as the last one

323711.4-97500=226211.4

3.)

same formula

let x= time in years

`30000=7500e^(.055x)\\4=e^(.055x)\\\ln(4)=.055x\\x=25.20535202`

i guess we can round this to 25.21