1. Caitlin invested an amount of $16,000.00 in a mutual fund. After 3 years and 6 months the accumulated value of his investment was $17,261.45. What is the nominal interest rate of the investment if interest is compounded semi-annually?

2. Marcus heard that he could triple his money in 15 years if he invested it in a large telecommunications business. What nominal interest rate compounded quarterly does the business offer?

3. If an investment grew to $13,000 in 2 years and the interest amount earned was $999.47, calculate the nominal interest rate compounded quarterly.

4. How long did it take for an investment of $22,500 to grow to at least $27,000 at 2.75% compounded quarterly?

Express the answer in years and months, rounded to the next month

5. Hewlett Plastics Inc. received a loan of $46,000.00 at 4.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $21,289.61.

Express the answer in years and months

6. How long will it take for an investment to at least double its original amount if it is growing at 4.25% compounded monthly?

Express your answer in years and months, rounded to the next month