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Magazine Problem 33
Consider a CD paying a \(3.65 \%\) APR compounded daily. (a) Find the periodic interest rate. (b) Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 1580\) for a term of three years.
Problem 34
Consider a CD paying a \(4.38 \%\) APR compounded daily. (a) Find the periodic interest rate. (b) Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 3250\) for a term of four years.
Problem 35
Consider a CD paying a \(3 \%\) APR compounded continuously. Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 1580\) for a term of three years.
Problem 36
Consider a CD paying a \(3.6 \%\) APR compounded continuously. Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 3250\) for a term of four years.
Problem 37
Consider a CD paying a \(3.65 \%\) APR compounded continuously. Find the future value of the CD if you invest \(\$ 1580\) for a term of 500 days. Round your answer to the nearest dollar.
Problem 38
Consider a CD paying a \(3.6 \%\) APR compounded continuously. Find the future value of the CD if you invest \(\$ 3250\) for a term of 1000 days. Round your answer to the nearest dollar.
Problem 39
Suppose you invest \(\$ P\) on a CD paying \(2.75 \%\) interest compounded continuously for a term of three years. At the end of the term you get \(\$ 868.80\) from the bank. Find the value of the original principal \(P\).
Problem 40
Suppose you invest \(\$ P\) on a CD paying \(1.85 \%\) interest compounded continuously for a term of five years. At the end of the term you get \(\$ 1645.37\) from the bank. Find the value of the original principal \(P\).
Problem 41
Find the APY for an APR of \(6 \%\) compounded (a) yearly. (b) semi-annually. (c) monthly. (d) continuously.
Problem 42
Find the APY for an APR of \(3.6 \%\) compounded (a) yearly. (b) semi-annually. (c) monthly. (d) continuously.
