8. The rule $$ V_{n}=6000 imes 1.09^{n} $$ could be used to model which of the following scenarios? A. An investment of $$ \$ 6000 $$ with an interest rate of $$ 0.09 \% $$ p.a, compounding monthly. B. An investment of $$ \$ 6000 $$ with an interest rate of $$ 0.09 \% $$ p.a, compounding quarterly. C. An investment of $$ \$ 6000 $$ with an interest rate of $$ 9 \% $$ p.a, compounding monthly. D. An investment of $$ \$ 6000 $$ with an interest rate of $$ 9 \% $$ p.a, compounding annually. 9. Find the final value of each of the following investments, compounding yearly, correct to the nearest cent. a. $$ \$ 120 $$ invested for three years with compound interest of $$ 5 \% $$ per annum. b. $$ \$ 9000000 $$ invested in a compound interest account for five years at $$ 8.2 \% $$ per annum. c. $$ \$ 230000 $$ invested in a compound interest account for twenty years at $$ 2.31 \% $$ per annum.

Question

8. The rule $$ V_{n}=6000 	imes 1.09^{n} $$ could be used to model which of the following scenarios? A. An investment of $$ \$ 6000 $$ with an interest rate of $$ 0.09 \% $$ p.a, compounding monthly. B. An investment of $$ \$ 6000 $$ with an interest rate of $$ 0.09 \% $$ p.a, compounding quarterly. C. An investment of $$ \$ 6000 $$ with an interest rate of $$ 9 \% $$ p.a, compounding monthly. D. An investment of $$ \$ 6000 $$ with an interest rate of $$ 9 \% $$ p.a, compounding annually. 9. Find the final value of each of the following investments, compounding yearly, correct to the nearest cent. a. $$ \$ 120 $$ invested for three years with compound interest of $$ 5 \% $$ per annum. b. $$ \$ 9000000 $$ invested in a compound interest account for five years at $$ 8.2 \% $$ per annum. c. $$ \$ 230000 $$ invested in a compound interest account for twenty years at $$ 2.31 \% $$ per annum.

Wright Marshall · Accepted Answer

**Problem 8:** The correct scenario is **D**. An investment of \$6000 with a 9% annual interest rate, compounded annually. **Problem 9:** - **a.** \$120 grows to \$138.92. - **b.** \$9,000,000 grows to \$13,346,850.00. - **c.** \$230,000 grows to \$363,152.91.

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