1. Calculate how long it would take your current personal or family savings to double at the current interest rate you are being offered by your bank. What will it take for you or your family to reduce the calculated period by one-half?

2. If the nominal interest rate on a savings account is 0.25% payable, or compounded, quarterly, what is the effective annual interest rate? If $1000 is deposited into this account quarterly, how much would be available in the account after 10 years?

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Question 1 To calculate how long it would take for your savings to double at a given interest rate y... View the full answer