11. [-/1 Points] DETAILS Math 110 Course Resources - Compound Interest Course Packet on the effective rate of interest Find the effective interest rate corresponding to a nominal interest rate of 12% compounded quarterly. Effective interest rate (without using a calculator), reff = % Effective interest rate, as a percent, rounded to 2 decimal places = 12. [-/1 Points] DETAILS (a) Compute the effective interest rate corresponding to a nominal interest rate of 29% compounded monthly. % Effective interest rate, as a percent, rounded to 4 decimal places = (b) Compute the effective interest rate corresponding to a nominal interest rate of 28.71% compounded daily. Effective interest rate, as a percent, rounded to 4 decimal places = |% (c) Select the investment that offers the better return. 29% compounded monthly O 28.71% compounded daily NOV 2 Zo F1 F2 F3 F4 F5 F6 F7 @ # & 2 3 4 5 6 7 8 9 Q W E R T Y U A S D G13. [-/1 Points] DETAILS Math 110 Course Resources - Compound Interest Course Packet on present value problems with discrete compounding of interest A favorite uncle wishes to establish a trust fund for his niece's math education. How much should he set aside now if he wants $105,000 in 6 years from now, and interest is compounded quarterly at 20%? dollars Exact amount (without using a calculator) = Amount, rounded to 2 decimal places = dollars MY NOTES 14. [-/1 Points] DETAILS Math 110 Course Resources Compound Interest Course Packet on present value problems with continuous compounding of interest A favorite aunt wishes to establish a trust fund for her nephew's math education. How much should she set aside now if she wants $60,000 in 7 years from now, and interest is compounded continuously at 8%? Exact amount (without using a calculator) = dollars Amount, rounded to 2 decimal places = dollars NOV 2 stv A WIV O D FS F4 F5 F6 44 F7 F8 F9 F10 F11 F12 LA % & NO CO 5 7 8 9 OMY NOTES 15. [-/1 Points] DETAILS Determine whether each statement is true or false. You have one submission for each statement. (a) $2000 invested at 2% compounded monthly earns more interest in a year than the same amount invested at 2% compounded weekly. OTrue OFalse (b) $2000 invested at 2% compounded continuously earns more interest in a year than the same amount invested at 2% compounded monthly. OTrue OFalse (c) The present value of $3000 7 years from now invested at 5% compounded monthly is less than the present value of $3000 7 years from now invested at 5% compounded continuously. OTrue OFalse (d) The present value of $3000 7 years from now invested at 5% compounded monthly is less than the present value of $3000 7 years from now invested at 5% compounded semiannually. OTrue OFalse Submit Assignment Save Assignment Progress 42 O NOV tv 4 o 2 20 FIO F12 985 DII F5 F7 F8 F9 F11 F6 FI F2 F4 & N 3 5 8 9