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Find the effective rate (APY) for the year given the principal = $8,000, interest rate = 6% and compounded quarterly. Round to the nearest 100th,
Find the effective rate (APY) for the year given the principal = $8,000, interest rate = 6% and compounded quarterly. Round to the nearest 100th, d. Bill needs $40,000 6 years from now to attend college. How much must Bill put in the bank every three months (8% compounded quarterly) to reach his goal? e. Bob wants to buy his grandson a Ford Taurus in 4 years. The cost of the car is $28,000. Assuming a bank rate of 4% compounded quarterly, how much must Bob put in the bank quarterly? f. Bernie wants to retire to California when she is 60 years of age. Bernie is 40 now. She believes that she will need $900,000 to retire comfortably. To date, Bernie has set aside no retirement money. If Bernie gets 8% compounded semiannually, how much must she invest today to meet her $900,000 goal
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