Question
1. What sum of money invested at 7% compounded quarterly will grow to $17000 in 10 years? 2. Find the future value of $8000 invested
1. What sum of money invested at 7% compounded quarterly will grow to $17000 in 10 years? 2. Find the future value of $8000 invested at 5.5 % compounded quarterly for 7 years; 3. At what nominal rate of interest compounded quarterly will money double in 10 years? 4. A deposit of $2000 earns interest at 6% p.a. compounded monthly for four years. At that time, the interest rate changes to 7% p.a. compounded quarterly. What is the value of the deposit three years after the change in the rate of the interest? 5. Suppose $17000 earns interest of $983.81 in one year. What is the nominal annual rate of interest compounded annually?
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