1.Canary Company invested $100,400 into a fund for 4 years. What nominal interest rate compounded quarterly did the investment earn if it matured to $136,800 at the end of the period?

2Canary Company invested this year's profits of $78,800.00 in a fund that matured to $167,895.17 in 6 years. What nominal interest rate compounded quarterly is this investment earning?

3Calculate the nominal interest rate of Zachary's loan of $7,000.00 if it accumulated to $7,578.02 in 5 years and interest is compounded quarterly.

Nominal interest rate:

4Mitchell wants to double her money in 17 years in an investment fund. What quarterly 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 Progress Inc. an interest rate of 4.75% compounded quarterly on its line of credit. If the effective interest rate increased by 0.5%, 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?