SIMPLE AND COMPOUND INTEREST COMBINED!!!

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apoorva.srivastva
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Topic: SIMPLE AND COMPOUND INTEREST COMBINED!!!
PostSat Nov 21, 2009 8:00 am
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Mr. X deposists $10,000 in a svaings certifcate earning r percent annual interst compunded quartely. What is the value of r?

1.) During the term of the certificate, he earns $18 more than he would if the interest were not compunded.
2.) He withdraws all the money 6 months after depositing.
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palvarez
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PostSat Nov 21, 2009 1:04 pm
(1) 10,000(1+.25r)^n - 10,000*.25r*n = 18. We are left with a equation with two unknowns.
(2) Insufficient.

Combined: we know about n, so we can figure out r. Sufficient.

C
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