1. Jim is opening up a new savings account. He has $300 to deposit into this account and has two options from which he can choose. Account A pays 5% annual interest compounded annually while Account B pays 5% compounded quarterly. Which account pays more interest, Account A or Account B? Explain.
2. The ninth grade class is raising money for a field trip. The class goal is to raise $550. For a fundraiser, they will receive 20% of the sales. What amount of sales must the class achieve to earn $550?
3. Greg borrowed $10,000 to purchase a pontoon boat. The credit union charges 9 percent simple interest on boats. He paid $4,500 in interest. For what period of time did he borrow the money?
4. Determine the value of a $3,000 investment paying 9% interest, compounded semi-annually, over a 2-year period.
10 pts best answer