Question: Here is an interesting question... how many years would it take for your investment of 2,186 to grow threefold, if it were invested at an




Here is an interesting question... how many years would it take for your investment of 2,186 to grow threefold, if it were invested at an 7\% APR, compounded monthly? (Round your answer to a two decimal point) Suppose you plan to buy a house in 9 years from today and you plan to save up $9,945 for the down payment. If your bank is offering 13% APR interest on deposits, then how much would you have to deposit every month to reach your goal? (Round your answer to two decimal point) Suppose after you graduate, you and 9 of your friends plan to set up a scholarship fund which gives out a yearly $8,303 scholarship to needy students, forever. If you find a mutual fund which guarantees an annual rate of return of 7% on your initial deposit, how much would you all have to collect to start off the scholarship fund and never to add a penny to it ever again? (Round your answer to a whole number) Suppose you plan to go on a dream vacation for your anniversary in 10 years from today and you plan to save up $5,693 for the trip. If your bank is offering 7% APR interest on deposits, then how much would have to deposit every month to reach your goal? (Round your answer to two decimal point) Suppose you need some money today and your friend, the Loan Shark, is willing to loan you an amount today. If he wants you to pay back $7,761 at the end of 4 years and he charges 6% APR interest on his loan to you, how much money will you receive as a loan today from your Loan Shark friend? (Round your answer to TWO decimal points)
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