Question
Answer 1a, 2b, 3c, to determine rate/IY, PV, FV, or N(Number of Years) for each part. 1a ) At what rate must $400 be compounded
Answer 1a, 2b, 3c, to determine rate/IY, PV, FV, or N(Number of Years) for each part.
1a) At what rate must $400 be compounded annually for it to grow to $900.88 in 12 years? Submit your answer as a percentage and round to two decimal places.
2b) How much money must be put into a bank account yielding 5.25% (compounded monthly) in order to have $6,800 at the end of 11 years? Round to two decimal places.
3c) Yolanda deposited $8,000 in a bank account, and 9 years later she closes out the account, which is worth $16,000. What annual rate of interest has she earned over the time period? Submit your answer as a percentage and round to two decimal places.
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