a) A bank is newly established and offers savings deposits rate of 3% compounded semi-annually. If you

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a) A bank is newly established and offers savings deposits rate of 3% compounded semi-annually. If you deposit $50,000 into that account, how many years will you have to wait until your account is worth $70,000?

b) You need $200,000 for a new house in 6 years. If you could earn 0.8% per month, how much will you have to deposit today?

c) At 5% interest rate compounded quarterly, how many years does it take to quadruple your money?

d)An investment guarantees that you can receive back $9,000 five years later by investing $6,000 today. What interest rate do you earn if the rate is compounded annually?

Posted Date: Oct 24, 2021 10:26 AM

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a) A bank is newly established and offers savings deposits rate of 3% compounded semi-annually. If you

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