How much money did each player start with?


Posted January 14th, 2009 by admin 1 Comment »
money
Jeffrey Z asked:


Al, Bob and Charlie decide to play poker. They agree that when a player
loses a hand, he will pay each of the others an amount equal to the amount
each player already has. Al loses the first hand and pays Bob and Charlie
the amount of money each has. Bob loses the second hand and pays Al and
Charlie the amount of money each has. Charlie loses the third hand and pays
Al and Bob the amount of money each has. At this point, each player has
$8.00.

PLEASE SHOW ALL WORK.

How much money must be deposited now in an account paying 7.25% annual interest, compounded quarterly, to have?


Posted January 14th, 2009 by admin 1 Comment »
money
Gwb asked:


How much money must be deposited now in an account paying 7.25% annual interest, compounded quarterly, to have a balance of $1000 after 10 years?