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Home Question Bank Economics Archive 2024 November 13

Economics Questions from Nov 13,2024

Browse the Economics Q&A Archive for Nov 13,2024, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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An amount of \( \$ 33,000 \) is borrowed for 15 years at \( 8 \% \) interest, compounded annually. Assuming that no payments are made, find the amount owed after 15 years. Use the calculator provided and round your answer to the nearest dollar. An amount of \( \$ 33,000 \) is borrowed for 15 years at \( 8 \% \) interest, compounded annually. Assuming that no payments are made, find the amount owed after 15 years. Use the calculator provided and round your answer to the nearest dollar. A principal of \( \$ 3400 \) is invested at \( 3.75 \% \) interest, compounded annually. How much will the investment be worth after 10 years? Use the calculator provided and round your answer to the nearest dollar. \( 5 \square \) A car is purchased for \( \$ 24,500 \). After each year, the resale value decreases by \( 30 \% \). What will the resale value be after 3 years? Use the calculator provided and round your answer to the nearest dollar. Find the balance after 5 years if \( \$ 1800 \) is invested at \( 6 \% \) p.a. compounded annually. (nearest dollar) Find the balance after 8 years if \( \$ 38000 \) is invested at \( 7 \% \) p.a. compounded annually. \( \$ \quad \) (nearest dollar) Suppose that \( \$ 5500 \) is placed in an account that pays \( 8 \% \) interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. (a) Find the amount in the account at the end of 1 year. (b) Find the amount in the account at the end of 2 years. \( \$ \square \) Suppose that \( \$ 5500 \) is placed in an account that pays \( 8 \% \) interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. (a) Find the amount in the account at the end of 1 year. \( \$ \square \) Suppose that \( \$ 5500 \) is placed in an account that pays \( 8 \% \) interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. (a) Find the amount in the account at the end of 1 year. \( \$ \$ \square \) Find the balance after 10 years if \( \$ 5600 \) is invested at \( 6 \% \) p.a. compounded monthly. \( \$ \)
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