Ezample 1. - Find the compound amount after 1 year if $100 is in- vested at the rate 8%, compounded quarterly. Solution.- The rate per conversion period is .02. Original prinoipal is $100. At end of 3...

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Extracted text: Ezample 1. - Find the compound amount after 1 year if $100 is in- vested at the rate 8%, compounded quarterly. Solution.- The rate per conversion period is .02. Original prinoipal is $100. At end of 3 mo. 82.000 interest is due; new principal is $102.000. At end of 6 mo. $2.040 interest is due; new principal is $104.040. At end of 9 mo. $2.081 interest is due; new principal is $106.121. At end of 1 y. $2.122 interest is due; new principal is $108.243. The compound interest earned in 1 year is $8.243. The rate of increase of 8.243 principal per year is 100 .08243, ar 8.243%.


Extracted text: 1. By the method of Example 1 find the compound amount after 1 year if $100 is invested at the rate 6%, payable quarterly. What was the compound amount after 6 months? At what rate per year does principal increase in this case?