Practice Questions

Question	Answer
Find the accumulated amount after 3 years if $1000 is invested at 8% per year compounded continously	1271.25
Find the interest rate needed for an investment of $10,000 to grow an amount of $18,000 in 5 years if the interest is compounded monthly.	0.1181
How long will it take an investment of $6000 to double if the investment earns interest at the rate of 8% compounded continuously?	8.7 years
If the cost of a semiprivate room in a hospital was $580/ day 5 yr ago and hospital costs have risen at the rate of 8%/year since that time, what rate would you expect to pay for a semiprivate room today?	$852.21 per day
In an agreement worked out with its banker, Denver assigns its royalty income of $4800/month for the next 3 yr from certain oil properties to the bank,with the first payment due at the end of the first month. if the bank charges interest at the rate of 9%/ year compounded monthly, what is the amount of the loan negotiated between the parties?	$150,944.67
Solve 5ex+2=120	x=1.178
solve 6 ln x-7=12.2	24.5
simplify ln (x+4)2=3	0.482

Resource summary

	Created by Yasmin Bani almost 8 years ago