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Greg wants to have $45,000 in six years. The bank is offering six-year investment certificates that pay 8 percent nominal interest, compounded quarterly. How much
Greg wants to have $45,000 in six years. The bank is offering six-year investment certificates that pay 8 percent nominal interest, compounded quarterly. How much money should he invest in the certificates to reach his goal? Greg should invest $0 (Round to the nearest cent as needed.) Greg wants to have $30,000 in three years. He has $15,000 today to invest. The bank is offering three-year mutual fund investments, paying interest, compounded quarterly. What is the minimum nominal interest rate he would have to receive to reach his goal? The minimum nominal interest rate Greg would have to receive is percent per year, compounded quarterly. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) Greg wants to have $55,000. He will invest $30,000 today in investment certificates that pay 4 percent nominal interest, compounded quarterly. How long will it take him to reach his goal? It will take Greg years to reach his goal. (Round up to the nearest quarter of a year. Type an integer or a decimal.)
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