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1 . Cassandra heard that she could triple her money in 2 4 years if she invested it in a large telecommunications business. What nominal

1. Cassandra heard that she could triple her money in 24 years if she invested it in a large telecommunications business. What nominal interest rate compounded monthly does the business offer?
2.You currently have $28,000 in your savings account. At what nominal interest rate compounded monthly would your savings grow to $36,278.66 in 16 years?
3.Zhang wants to double her money in 9 years in an investment fund. What quarterly compounding interest rate do you suggest that she looks for?
4.Li Jun wants to double her money in 17 years in an investment fund. What nominal monthly compounding interest rate do you suggest that she look for? (Hint: If money doubles, the ratio of FV to PV is 2.)
5. A bank charges Cash Co. an interest rate of 4.5% compounded quarterly on its line of credit. If 0.75% was added to the effective interest rate, calculate the new interest rate compounded quarterly.
6.A bank has decided to set its interest rates to compound monthly on all deposits in order to give customers the same benefits as its current offering of 4.25% compounded quarterly. At what value should the monthly compounded interest rate be set?

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