1. The problem statement, all variables and given/known data Compute the compound amount after 1 year for $7,700 invested at 8% interest compounded quarterly. What simple interest rate will yield the same amount in 1 year? (Round your answer to 2 decimal places.) 2. The attempt at a solution I did this on my calculator so... N=4 I%=8 PV=7700 PMT=0 FV=8334.727632 P/Y=4 C/Y=4 The amount compounded in the year is 8334.727632-7700=634.727632. Is that first part right? If so, I still don't know how to get the simple interest rate after finding out the amount compounded. ------ 1. The problem statement, all variables and given/known data In 3 years, Jim wants to have $22,090 to buy a new car. How much must Jim save each month if the interest rate is 6% compounded monthly? How much of the $22,090 does Jim actually deposit and how much of it is interest? 2. The attempt at a solution I figured out that Jim must save $561.5705983 per month. Using the calculator: N=36 I%=6 PV=0 PMT=$561.5705983 FV=22090 P/Y=12 C/Y=12 I'm not sure how to find out how much he actually deposited and how much of it is interest.