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Comparing And Contrasting Simple and Compound Interest (Example)

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Comparing and Contrasting Simple and Compound Interest Trudy Mighty Union Institute and University Contemporary Mathematics GMAT 105 Professor Reginald J Fox The rationale for computing interest on the bi-weekly principal amount is that in compound interest calculation it is assumed that interest can be earned either on the first or last day the deposit has been made. In theory the bi-weekly deposit can be treated as an annuity. By definition an annuity refers to a financial arrangement in which an individual makes periodic deposits or payments for a given period. It is considered as a savings scheme in which an investor saves regular sums of money to his or her account. It can be either an ordinary annuity or annuity due. The former of interest rate and cost of credit. Journal of Business Ethics 16 (5) 531-535. Appendix Compound interest formula 828675184785r n n nt r n n nt 11715741181100011525251181090FV=P 1+ Where FV= future values P=principal amount r=annual interest rate n=number of times compounded per year and t=time in years =$4 000 (1+0.08/1)1 =$ 4 320 Interest =$ 4 320-$4 000 =$320 Annuity formula Where S = Future Value R = Payment x=Interest rate y=Period t=Time in years y=period i = Interest rate which can be calculated by: i = x / y and n = total time period calculated by: n = t*y In the example n=1*26(number of biweekly payments in one year) i=0.08/26 =0.003076 Therefore S=300 ((1+0.00376)26 -1)/0.003076) =$8 109 Interest=$8 109-($300*26) =$309 [...]

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essay comparing & contrasting explaining the simple and compound interest and the ethical issues of both. Real world applications should be utilize to make valid points when necessary. I already have one page on information already presented.

Subject Area: Mathematics

Document Type: Reports

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Words 550

Pages 2

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