Question 1

Answer the following:

a) In how many months will money triple at 9% p.a. compounded monthly? State your answer in years and months (from 0 to 11 months).

In __ year(s) and __ month(s) the money will at % p.a. compounded .

b) Determine the number of compounding periods for the following investment.

Principal	Future Value	Interest Rate	Frequency of Conversion
$1162	$1376	6.8%	quarterly

The number of compounding periods is ___

c) What is the nominal annual rate of interest compounded quaterly at which $860 will accumulate to 2264.12 in six years and three months?

The nominal annual rate of interest is ___%

(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)