QUESTION 1

1. How much do you need to invest today to accumulate $203,600 in 12.5 years if the account is paying 4.5% compounded quarterly?

5 points

QUESTION 2

1. What nominal rate of interest compounded semi-annually will allow $100,000 to accumulate to $123,192 in 41 months? (round your nominal interest rate to 2 decimals of a percent)

5 points

QUESTION 3

1. If you borrow $37,300 at 6.3% coompounded monthly for 3 years and 5 months what will be the total amount needed to pay back the loan?

5 points

QUESTION 4

1. How long will it take for money to double at a nominal rate of 6.7% compounded monthly? Express your answer in years and months rounded to one decimal as discussed in the power point slides on blackboard.
3. Type your answer as __years and __months