Question
1 a) If Lionel wants to earn interest of $3,582.75 on his $2,000.00 savings in 3 years, at what nominal interest rate compounded quarterly do
1 a) If Lionel wants to earn interest of $3,582.75 on his $2,000.00 savings in 3 years, at what nominal interest rate compounded quarterly do you suggest he invests his money?
%Round to two decimal places
1 b) Lionel then went to a bank and obtained a personal loan with an interest rate of 5.00% compounded monthly. If the effective interest rate on the loan were to decrease by 1.50%, calculate the new nominal interest rate compounded monthly.
%Round to two decimal places
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The Legal Environment Today Summarized Case Edition
Authors: Roger LeRoy Miller
8th Edition
130526276X, 978-1305279407, 1305279409, 978-1305704930, 1305704932, 978-1305262768
