the last question i need help please

Name: Ivanna Cassell_________________________________Math 1324 Quiz 1(Due by 9/10/2020)

Write the formula with the values plugged in, and your final answer in dollar and cent format, rounded to the nearest penny!

1. If $3,000 is borrowed for 4 months at a 4.5% annual rate, how much interest is owed?

I= $3000. .045. 4/12 = $45.00

2. If you loan someone $2,500 for 12 weeks at a 3.9% annual rate, how much will he have to repay you?

A=2500 (1+.039. 12/52) = $2522.5

3. If $3,000 is deposited into an account paying 4.5% compounded monthly for 2 years, how much money will be in the account?

A=3000(1+.045/12)24 = $3281.97

How much of the money in the account will be interest?

I=$3281.97- $3000 =$281.97

4. How much money should you deposit now at 6% compounded semi-annually to have $10,000 8 years from now?

P= 10,000/(1+0.06/2)16 = $6231.69

Bonus #1: Find the simple interest rate(rounded to the nearest hundredth of a percent) that makes $500 grow into $1,000 in 155 months.

R= A/P-1 /t

R= 1000/500-1/ 155/12 = 7.7%

Bonus #2: Find the interest rate(rounded to the nearest hundredth of a percent) with annual compounding that makes $2,550 grow to $3,905 in 11 years.

i=n√ A/P-1

i=4√ 3905/2550 -1= 3.95%

Bonus #3: An employee receives annual bonuses for 4 years(see the table), which he immediately invests in a mutual fund. The interest earned from this fund varies from year to year. One year after making his last investment, the mutual fund investment is worth $30,000. He would like to find the compound rate that would represent the interest his investments earned over the entire 4 year period. This rate is called the yield to maturity. If we call the yield to maturity r, then we need to solve the equation

.

Find the value of r rounded to the nearest hundredth of a percent.