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# March 18 Compound Interest

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### March 18 Compound Interest

1. 1. Compound Interest
2. 2. If you invest \$1000 at an interest rate of 8% compounded semi-annually for 4 years how much money would you have?
3. 3. Jim's Bank is offering 6% interest compounded monthly on all deposits over \$2000. Steve's bank is offering 5% interest compounded weekly on the same size deposits. If you plan to leave your money in the bank for 2 years, which bank should you choose?
4. 4. Peter gets a credit card that charges 17.5% interest compounded monthly. Peter buys a new laptop for \$500 with his credit card. He can't afford to pay his bill for 6 months. How much did the laptop really cost him?