4. [l1 Points] DETAILS | MY NOTES Math 110 Course Resources Compound Interest Course Packet on accumulated amount examples - solving for an unknown interest rate with continuous compounding of interest Determine the interest rate r needed for an investment of $5,000 to grow to $8,000 in 7 years if interest is compounded continuously. Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places = C] % Submit Answer 5. [I1 Points] DETAILS | MY NOTES Determine the interest rate r needed for an investment to triple in value in 12 years if interest is compounded continuously. Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places = C] % Submit Answer 6. [I1 Points] DETAILS | MY NOTES Math 110 Course Resources - Compound Interest Course Packet on solving for an unknown length of time with discrete compounding of interest How long will it take for $5,000 to grow to $8,000 if the investment earns an interest rate of 16% per year compounded quarterly (i.e., 4 times a year). Exact length of time (without using a calculator), t = years Length of time, rounded to 2 decimal places = years Submit Answer 7. {-11 Points] DETAILS l M How long does it take for an investment earning interest at a rate of 13% compounded quarterly (i.e., 4 times a year) to triple in value? Exact length of time (without using a calculator), t = |:| years Length of time, rounded to 2 decimal places = :] years Submit Answer 8. [-I1 Points] DETAILS l M [ Math 110 Course Resources - Compound Interest Course Packet on solving for an unknown length of time with continuous compounding of interest How long will it take for $4,000 to grow to $6,000 if the investment earns an interest rate of 4% per year compounded continuously. Exact length of time (without using a calculator), t = |:| years Length of time, rounded to 2 decimal places = years Submit Answer 9. [-I1 Points] DETAILS l M How long does it take for an investment earning interest at a rate of 3% compounded continuously to double in value? Exact length of time (without using a calculator), t = years Length of time, rounded to 2 decimal places = :] years Submit Answer 10. [-I1 Points] DETAILS l M (a) Compute the effective interest rate corresponding to a nominal interest rate of 26% compounded monthly. Effective interest rate, as a percent, rounded to 4 decimal places = 28.4700 x % (b) Compute the effective interest rate corresponding to a nominal interest rate of 25.74% compounded daily. Effective interest rate, as a percent, rounded to 4 decimal places = 26.5413 x % (c) Select the investment that offers the better return. 0 26% compounded monthly 0 25.74% compounded daily Submit Answer 13. [-I1 Points] DETAILS | MY NOTES Math 110 Course Resources I - Compound Interest Course Packet on present value problems with discrete compounding of interest A favorite uncle wishes to establish a trust fund for his nephew's math education. How much should he set aside now if he wants $120,000 in 3 years from now, and interest is compounded monthly at 48%? Exact amount (without using a calculator) = dollars Amount, rounded to 2 decimal places = :] dollars Submit Answer 14. [-/1 Points] DETAILS | MY NOTES 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 niece's math education. How much should she set aside now if she wants $135,000 in 8 years from now, and interest is compounded continuously at 2%? Exact amount (without using a calculator) = dollars Amount, rounded to 2 decimal places = :] dollars