Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

24. A promissory note will pay $58,000 at maturity 8 years from now. If you pay $30,000 for the note now, what rate compounded continuously

24. A promissory note will pay $58,000 at maturity 8 years from now. If you pay $30,000 for the note now, what rate compounded continuously would you earn?

he investment would earn about ___ here% compounded continuously

25. How long will it take money to triple if it is invested at 8% compounded weekly? 5.6% compounded continuously?

Part 1 It will take about __ years at 8% compounded weekly.

(Round to two decimal places as needed.)

It will take about __years at 5.6% compounded continuously

Please help with both questions.

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_2

Step: 3

blur-text-image_3

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

Financial Markets And Institutions An Introduction To Risk Management Approach

Authors: Anthony Saunders, Marcia Cornett

3rd Edition

0073250937, 9780073250939

More Books

Students also viewed these Finance questions

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago

Question

Which of the sources is most cost effective?

Answered: 1 week ago