Calculate the present value of the compound interest loan.(Round your answers to the nearest cent.) $22,000 after 8 years at3% if the interest is compounded in the following ways.
_________annually
__________quarterly
Find the effective rate of the compound interest rate orinvestment. (Round your answer to two decimal places.)
25% compounded monthly. [Note: This rate is a typicalcredit card interest rate, often stated as 2.1% per month.]________%
Since 2007, a particular fund returned 13.9% compounded monthly.How much would a $4000 investment in this fund have been worthafter 4 years? (Round your answer to the nearest cent.)___________
In the following ordinary annuity, the interest is compoundedwith each payment, and the payment is made at the end of thecompounding period.
Find the accumulated amount of the annuity. (Round your answer tothe nearest cent.)
$2500 annually at 7% for 10 years. _____________
In the following ordinary annuity, the interest is compoundedwith each payment, and the payment is made at the end of thecompounding period.
Find the amount of time needed for the sinking fund to reach thegiven accumulated amount. (Round your answer to two decimalplaces.)
$5500 yearly at 6% to accumulate $100,000. __________yr
Calculate the present value of the compound interest loan.(Round your answers to the nearest cent.) $22,000 after 8 years at3% if the interest is compounded in the following ways.
_________annually
__________quarterly
Find the effective rate of the compound interest rate orinvestment. (Round your answer to two decimal places.)
25% compounded monthly. [Note: This rate is a typicalcredit card interest rate, often stated as 2.1% per month.]________%
Since 2007, a particular fund returned 13.9% compounded monthly.How much would a $4000 investment in this fund have been worthafter 4 years? (Round your answer to the nearest cent.)___________
In the following ordinary annuity, the interest is compoundedwith each payment, and the payment is made at the end of thecompounding period.
Find the accumulated amount of the annuity. (Round your answer tothe nearest cent.)
$2500 annually at 7% for 10 years. _____________
In the following ordinary annuity, the interest is compoundedwith each payment, and the payment is made at the end of thecompounding period.
Find the amount of time needed for the sinking fund to reach thegiven accumulated amount. (Round your answer to two decimalplaces.)
$5500 yearly at 6% to accumulate $100,000. __________yr
