Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve the two questions below. You may right of the question by hand and submit a picture, or submit the answers on MS WORD.

Solve the two questions below. You may right of the question by hand and submit a picture, or submit the answers on MS WORD. Do not just put a final answer, you must show your work to get a good Mark! Rule of 72: a) Doug invested $2,500 into a Certificate of Deposit earning 6.5% interest. How long will it take to double Doug's investment? b) Jacob has $5,000 that he has saved from doing odd jobs around the neighborhood. When he graduates from college in four years, he would like to have $10,000 to use as a down payment on a new car If Jacob is going to realize his dream, what interest rate will he have to invest ha money at? Time calculation: c) Rounded to the nearest month, how long will it take for $25.000 to grow to $35,000 at 9% compounded quarterly?

Step by Step Solution

3.46 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Initial principal wm sinee nothing s twt and rak is C5 2550 mentimel anually regnired numbur o yu... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics Theory and Policy

Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz

9th Edition

978-0132146654, 0132146657, 9780273754091, 978-0273754206

More Books

Students also viewed these Accounting questions

Question

How can NAFTA be beneficial to suppliers of Walmart?

Answered: 1 week ago