Chapter 7 Percent Worksheet With Answers Page 46
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477.5 Interest
2. Calculate compound interest
e.g.5 COMPOUND INTEREST As a gift for their
newborn son, the parents open a $5,000 saving
account in the baby’s name. The interest rate is 3.8%,
compounded quarterly. Find the amount of money in
the account on the child’s first birthday.
$5,192.73
principal
interest
amount
Q1 5000
47.50
5047.50
Q2 5047.50
47.95
5095.45
Q3 5095.45
48.41
5143.86
Q4 5143.86
48.87
5192.73
46
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