Using the Compound Interest Tables, Answer the Following Questions

question 110

Essay

Using the compound interest tables, answer the following questions.
Required:
a. What amount of interest will be earned on an investment of $10,500 left on deposit by
Marcy for three years at 9% interest compounded annually?
b. Travis deposited $10,000 in a fund that earns 8% interest compounded annually. How many years will it take for the fund to grow to $21,589.25?

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Definitions:

Fossil Fuels

Natural fuels such as coal, oil, and natural gas, derived from the decomposed remains of plants and animals, used primarily for energy.

Subsidies

Financial support provided by governments to lower the cost of goods and services or to support industries seen as vital to the economy.

Tax Breaks

Financial incentives or reductions in taxation aimed at encouraging certain activities or investments, or to benefit individuals or corporations in specific ways.

Fossil-fuel Processing Industries

Industries involved in the refinement and conversion of fossil fuels into usable products such as gasoline, diesel, and other energy sources.