Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assuming biannual compounding, how long will it take Prakash's account to go from $3,988 to $5,012 if the interest rate was 4.77%? If compounding

Assuming biannual compounding, how long will it take Prakash's account to go from $3,988 to $5,012 if the

Assuming biannual compounding, how long will it take Prakash's account to go from $3,988 to $5,012 if the interest rate was 4.77%? If compounding is yearly, what was the interest rate if Maggie's account doubled over the course of 7 years? How much was deposited into Larry's account if, after 4 years, 3 months, it currently sits at $10,990 from a 6.22% interest rate, assuming monthly compounding? Suppose there is $4,500 in a person's account after 3 years. Assuming simple interest, how much was deposited into the account if the interest rate was 2.1%?

Step by Step Solution

3.53 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the time it will take for Prakashs account to go from 3988 to 5012 with a 477 interest rate assuming biannual compounding we can use the formula for compound interest A P1 rnnt Where A Fi... 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

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Accounting questions