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[answered] 1. In how many years will $1000.00 grow to $2000 at 3.6% co


1. In how many years will $1000.00 grow to $2000 at 3.6% compounded quarterly? Answer with 2 decimal places.

2.??A loan of $2000 taken out today is to be repaid by a payment of $1200 in six months and a final payment of $1000. If interest is 5.318% compounded quarterly, how many months from now should the final payment be made? Answer with whole number.

3.What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.

?4.What is the quarterly compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.

5.What is the monthly compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.

6.?What is the effective interest rate of 6.75% compounded monthly? Answer in percentage with two decimal places. ?

7.What is the effective interest rate of 6.75% compounded quarterly? Answer in percentage with two decimal places.
SOLUTION

 

1. In how many years will $1000.00 grow to $2000 at 3.6% compounded

 

quarterly? Answer with 2 decimal places.

 

A = P (1 + r/n) (nt)

 

$2000=$1000(1+0.036/4)4t

 

2=(1+0.009)4t

 

2=(1.009)4t

 

Let 4t...

 


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