1. If an investment grew to $11,500 in 2 years and the interest amount earned was $886.98, calculate the nominal interest rate compounded monthly.

2. You currently have $14,000 in your savings account. At what nominal interest rate compounded quarterly would your savings grow to $24,824.74 in 29 years?

3. Calculate the nominal interest rate of Allison's loan of $14,500.00 if it accumulated to $15,704.95 in 6.5 years and interest is compounded quarterly.

4. Calculate the nominal interest rate of Allison's loan of $14,500.00 if it accumulated to $15,704.95 in 6.5 years and interest is compounded quarterly.

5. A bank charges Cash Inc. an interest rate of 4.75% compounded quarterly on its line of credit. If 0.25% 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 3.50% compounded quarterly. At what value should the monthly compounded interest rate be set?