Question: Studying for a test and im not fully sure if these are solved correctly on my end need help undestanding excel with these problems 6.

Studying for a test and im not fully sure if these are solved correctly on my end need help undestanding excel with these problems

6. What will $153,000 grow to be in 13 years if it is invested today in an account with a quoted annual interest rate of 10% with monthly compounding of interest?

7. How many years will it take for $197,000 to grow to be $554,000 if it is invested in an account with a quoted annual interest rate of 8% with monthly compounding of interest?

8. At what quoted annual interest rate must $134,000 be invested so that it will grow to be $459,000 in 15 years if interest is compounded weekly?

9. You are offered an investment with a quoted annual interest rate of 13% with quarterly compounding of interest. What is your effective annual interest rate?

10. You are offered an annuity that will pay $24,000 per year for 11 years (the first payment will occur one year from today). If you feel that the appropriate discount rate is 13 , what is the annuity worth to you today?

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