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MATH 1324 Homework 5 Answers

MATH 1324 Finite Math: Homework on compound interest. Calculate future value of a trust fund with 2.5% annual interest over 35 years. Learn to identify and apply the correct interest formulas.

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MATH 1324 - Finite Math with ApplicationsHomework 5 (Untimed. 1 Attempt)DUE October7,2022 11:59:00 PM!Use the following problem to answer questions 1 and 2.A young man is die beneficiary at a huge crust fund 35 years aga. If they had sec aside 525,000, bow muchTAT11be in ±e trust now if they could invest the money at 2.5% per year compounded annually?QI. Identify rhe type problem.*A. Present Value with compound interest(INCORRECT)■B. Future Value with compound interest■C. Simple Interest■D. Future Value with simple interest■E. Present Value with simple interest’F. None of the above.■1Given dataCL_ Time pPTinrl (tj _______= 3.6ppmORate of interest (r)= 2.5%Ci—Principle amount(P)= 25,0001The type of problem ispresent value with compound interestso it is option A.Q2.How much money will ±ey have if the interest is compounded semiannually?*A. $505,709.33‘B. 562,773.32*C._$59,647.50*D. $65,592.11■E. $33,308.30’F. None of the above.«I2 |lc*Compound interest semiannually (CI)= P ,1+II2 52 l1 K i iI2 5 ™CI =25000 1+- —— I= 250001+—100200= 59,647.499359,647.50F = 25000P = F ( l+ f)-’= 59,647.4993S59,647.50t = 35r =2.5% = 0.025m = 2r0.025■"m"2n = mt2(35) = 70
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