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Calculate the total interest earned

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If $6,000 is invested in an account for 25 years. Calculate the total interest earned at the end of 25 years if the interest is: 

(a) 6% simple interest: $  

(b) 6% compounded annually: $  

(c) 6% compounded quarterly: $  

(d) 6% compounded monthly: $  

Jeremy and Emma have a new grandson. How much money should they invest now so that he will have $61,000 for his college education in 18 years? The money is invested at 5.1% compounded semiannually.

Ciara wants $13,000 saved in 2 years to make a down payment on a house. How much money should she invest now at 7.55% compounded annually in order to meet her goal?

Reference no: EM132289109

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