1. (a) (8 points) How long does person a need to leave $8,000 to grow to...

  

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1. (a) (8 points) How long does person a need to leave $8,000 to grow to $15,500 at 73% compounded quarterly? Report the answer in years and months. (b) (8 points) At what interest rate will it take to triple person money in 5 years and 7 months, compounded daily? Round to two decimal places. (c) (9 points) Compare the effective interest rate of the following two accounts and determine which is better in terms of investment: i. An account with 5.70% compounded quarterly; or ii. An account with 5.07% compounded continuously. 1. (a) (8 points) How long does person a need to leave $8,000 to grow to $15,500 at 73% compounded quarterly? Report the answer in years and months. (b) (8 points) At what interest rate will it take to triple person money in 5 years and 7 months, compounded daily? Round to two decimal places. (c) (9 points) Compare the effective interest rate of the following two accounts and determine which is better in terms of investment: i. An account with 5.70% compounded quarterly; or ii. An account with 5.07% compounded continuously.

Answer rating: 100% (QA)

1 a To find how long it takes 8000 to grow to 15500 at 7375 compounded quarterly Use the formula Fut... View the full answer