Homework 9 MATH 34, Section 004 Math of Money (22381--UP---WBMATH----34--------004-)

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Pennsylvania State University **We aren't endorsed by this school
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MATH 34
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Mathematics
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Oct 17, 2023
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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
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