1. How long will it take for an investment to double at a simple interest rate of 2.60% p.a.? years months Express the answer in years and months, rounded up to the next month

2.

How much did Speedy Movers borrow for a debt that accumulated to $54,471.19 in three years? The interest rate was 3.50% compounded semi-annually.

Round to the nearest cent

3.

Katie's portfolio of shares comprised of investments of $9,200 in the telecommunications industry and $13,300 in the information technology industry. The market price of his telecommunications shares decreased by 55% and that of information technology increased by 50%.

a. Calculate the total market value of his investments after the changes.

Round to the nearest cent

b. By what percent did the total market value of his investments change?

%

Express the answer with a positive sign for an increase or negative sign for a decrease, rounded to two decimal places

4.

Meadow Company wants to invest its net profits of $78,000 for 6 years in either a credit union or a local bank. The credit union provides interest of 8.55% compounded monthly, while the local bank provides interest of 8.68% compounded semi-annually. Calculate the maturity value of the investment with:

a. Credit Union:

Round to the nearest cent

b. Local Bank:

Round to the nearest cent

c. Which of the two options will yield the highest returns?

5.

Your bank offers you a personal loan of $22,000.00 at an interest rate of 5.92% compounded monthly. At the end of the term, interest of $3,500.00 was charged on the loan. Calculate the term of this loan.

years

months

Express the answer in years and months, rounded to the nearest month.

6.

What single payment today would replace a payment of $1,000 in 3 years and a payment of $5,600 in 4 years if the interest rate is 3.85% compounded quarterly?

Round to the nearest cent

7.

Elly lent $2,300 at a simple interest rate of 3.25% p.a. to his friend on September 08, 2013. Calculate the amount of interest Kelly's friend had to pay on May 22, 2014.

Round to the nearest cent

8.

Alex goes out with his friends to a fancy restaurant. The total taxes on his dinner are $10.00. If taxes are equal to 13%, what is the value of his dinner?

Round to the nearest cent

9.

Canary Company invested $85,600 into a fund for 5 years. What nominal interest rate compounded quarterly did the investment earn if it matured to $114,300 at the end of the period?

%

Round to two decimal places

10.

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 3.75% compounded quarterly. At what value should the monthly compounded interest rate be set?

%

Round to two decimal places

a. Credit Union

b. Local Bank