Verified answer

Q1 Harriet has deposited $693 in a savings account that earns interest at a rate of 4.6% compound monthly. What will the account balance be in thirteen years?

=693*(1+(3.4%/12))^(13*12) = $1,077.51

Q2 Fred has a savings account balance of $1,728.57. The interest rate on the account is 3.4% compound daily. If he opened the account nine years ago, what was the value of his initial deposit?

=1728.57/(1+(3.4%/365))^(9*365) = $1,272.91 - note: this ignores the extra day in leap years, since it does not tell you how many leap years were in the 9 year period

Q3 Nick opened a savings account 11years ago with a deposit of $3,772.59. The account has an interest rate of 5.8% compounded twice a year. How much interest has Nelson earned?

=(3772.59*(1+(5.8%/2))^(11*2))-3772.59 = $3,303.25