Question 2: answer the following: a) In how many months will money triple at 9% p.a. compounded
Question:
Question 2: 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 |
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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.)
d) Yin Li deposited $200 into a savings account that compounded interest monthly . What nominal annual rate compounded monthly was earned on the investment if the balance was $466.90 in eight years?
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)