School

Pennsylvania State University **We aren't endorsed by this school

Course

MATH 34

Subject

Mathematics

Date

Oct 17, 2023

Pages

6

Uploaded by AgentResolveJaguar5 on coursehero.com

10/17/23, 1:24 PM
Homework 9: MATH 34, Section 004: Math of Money (22381--UP---WBMATH----34--------004-)
https://psu.instructure.com/courses/2280885/quizzes/4850054
1/6
Homework 9
Due
Oct 16 at 11:59pm
Points
8
Questions
8
Available
Oct 13 at 12:01am - Oct 16 at 11:59pm
Time Limit
None
Allowed Attempts
2
Instructions
This quiz was locked Oct 16 at 11:59pm.
Attempt History
Attempt
Time
Score
LATEST
Attempt 1
48 minutes
7 out of 8
Score for this attempt:
7
out of 8
Submitted Oct 15 at 7:24pm
This attempt took 48 minutes.
This homework assignment was designed to extend your knowledge about
compound interest.
Recall that you have two attempts to this assignment and Canvas will record your highest score.
If you have any questions on this hw assignment, please come to my or the TAs office hours.
Here are the
office hours schedule
(https://psu.instructure.com/courses/2280885/discussion_topics/15513157)
Dr. Bonafini
1 / 1 pts
Question 1
Samuel borrows $6,894 from Eric for 6 years. If the annual compound
interest rate on the loan is 3.4%, how much will Samuel have to repay at
the end of the loan?
Round your answer to the nearest dollar.

10/17/23, 1:24 PM
Homework 9: MATH 34, Section 004: Math of Money (22381--UP---WBMATH----34--------004-)
https://psu.instructure.com/courses/2280885/quizzes/4850054
2/6
8,425
Correct!
Correct!
8,425
margin of error
+/-
20
orrect Answer
orrect Answer
Hint:
To solve this problem, remember that for compound interest, we
use the equation FV=PV(1+i)
. Also remember that "borrows" is a
buzzword for PV and "repay" is a buzzword for FV.
n
1 / 1 pts
Question 2
Clarissa wants to have $75,059 saved in 18 years. If the bank offers an
annual compound interest rate of 6.2%, how much would she need to
deposit today? Assume that after the deposit is made, she makes no
additional deposits (or withdrawals).
Round your answer to the nearest dollar.
25,419
Correct!
Correct!
25,419
margin of error
+/-
20
orrect Answer
orrect Answer
Hint:
To solve this problem, remember that for compound interest, we
use the equation FV=PV(1+i)
. Also remember that "deposit" is a
buzzword for PV and "wants to have" is an indicator phrase for FV.
n
1 / 1 pts
Question 3

10/17/23, 1:24 PM
Homework 9: MATH 34, Section 004: Math of Money (22381--UP---WBMATH----34--------004-)
https://psu.instructure.com/courses/2280885/quizzes/4850054
3/6
What annual compound interest rate is required for a debt of $20,536 to
grow into $46,243 in 4 years?
Round your answer to the nearest tenth of a percent.
22.5
Correct!
Correct!
22.5
margin of error
+/-
0.2
orrect Answer
orrect Answer
Hint:
To solve this problem, remember that for compound interest, we
use the equation FV=PV(1+i)
. Or, if you remember the
manipulated form of the equation that lets you immediately solve
for i, you can use that.
n
0 / 1 pts
Question 4
How many years would it take for a debt of $23,688 to grow into $43,204
if the annual compound interest rate is 5.8%?
Round your answer to the nearest tenth of a year.
14.2
ou Answered
ou Answered
10.7
margin of error
+/-
0.2
orrect Answer
orrect Answer

Why is this page out of focus?

Because this is a Premium document. Subscribe to unlock this document and more.

Page1of 6