OA5 Q3-6

Jesse heard that she could triple her money in 20 years if she invested it in a large telecommunications business. What nominal interest rate compounded quarterly does the business offer?

Round to two decimal places

If an investment grew to $12,000 in 2 years and the interest amount earned was $922.59, calculate the nominal interest rate compounded quarterly.

Round to two decimal places

How long did it take for an investment of $23,750 to grow to at least $28,000 at 2.75% compounded quarterly?

Express the answer in years and months, rounded to the next month

Hewlett Plastics Inc. received a loan of $44,000.00 at 3.50% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total amount of interest paid was $15,168.87.

Express the answer in years and months