Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1)Juana deposited $200 into a savings account that compounded interest monthly. What nominal annual rate compounded monthly was earned on the investment if the balance

1)Juana deposited $200 into a savings account that compounded interest monthly. What nominal annual rate compounded monthly was earned on the investment if the balance was $574.80 in 8 years? The nominal annual rate of interest is ?% per annum compounded . (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

2)

(a) How many years will it take for $7500 to accumulate to $9517.39 at 3% compounded semi-annually?

(b) Over what period of time will money triple at 9% compounded quarterly?

(c) How many years will it take for a loan of $10,000 to amount to $13,684 at 10.5% compounded monthly?

3)

How long will it take $1633.00 to accumulate to $1910.00 at 5% p.a. compounded quarterly?State your answer in years and months (from 0 to 11 months).

The investment will take ? year(s) and ? month(s) to mature.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions