11. If Liam deposits $1,000 and expects to have $4,700 at the end of 10 years. What is the annual rate paid by the bank, given the rate is compounded semi-annually? 

 12. If Zayn deposits $1,000 and expects to have $4,700 at the end of 10 years. What is the annual rate paid by the bank, given the rate is compounded monthly?

 13. Nick is scheduled to receive $17,000 in two years. When he receives it, he will invest at annual rate of 7%, how much will Nick have at year 8 given that his investment compounds annually? (hint: what is N?) 

 14. Joe is scheduled to receive $17,000 in two years. When he receives it, he will invest at annual rate of 7%, how much will Joe have at year 8 given that his investment compounds quarterly? (hint: what is N?) 

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Answer rating: 100% (QA)

For each of the questions provided we can use the formula for compound interest to calculate the ans... View the full answer