Earnest T needs $860 for his next trip to Raleigh. He has $660 in cash. How long
Question:
Earnest T needs $860 for his next trip to Raleigh. He has $660 in cash. How long in years will it take the $660 cash to grow to $860 if Earnest T earns 13.5%per annumon his cash, compounded quarterly? (Enter your answers in years to 2 decimal places, e.g., 12.34)
Your rich aunt has promised to give your $7900 in 4 years.How much should you be willing to receive today (in lieu of the $7900 in 4 years) if you can earn 12% per annum, compounded semi-annually? (Round to nearest penny, e.g. 1234.56)
You bought a painting 7 years ago as an investment. You originally paid $156,000 for it. If you sold it for $485,000, what is your annual return on the investment? Assume annual compounding. (Round to 100th of a percent and enter your answer as a percentage, e.g., 12.34 for 12.34%)