Joshua heard that he could triple his money in 27 years if he invested it in his friend's telecommunications business. What nominal interest rate compounded monthly does the business offer? Round to two decimal places

Q: On​ Melissa's 6th​ birthday, she gets a ​$6000 CD that earns 6​% ​interest, compounded quarterly. If…

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Q: On Melissa's 6th birthday, she gets a $5000 CD that earns 7% interest, compounded semiannually. If…

A: `Given  P=$5000     r=7% = 0.07  compounded semiannually n=2  t=5 years

Q: A principal of $2100 is invested at 8.5% interest, compounded annually. How much will the investment…

A: From the given information, it is observed that P = $2100, r = 8.5% = 0.085, and t = 14. Note that,…

Q: Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year and he does not…

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Q: Kelsey heard that she could triple her money in 11 years if she invested it in a large…

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Q: Bentley invested $750 in an account paying an interest rate of 1% compounded daily. Julia invested…

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Q: Sarah invests $4848 in a savings account with an annual interest rate of 5% compounded 2 times per…

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Q: A principal of $4200 is invested at 3.5% interest compounded annually. How much will the investment…

A: A=P1+rnntWhere, A is the final amount,P=Principal investment,r=rate of interestn=number of times…

Q: Mary needs $25000 for a down payment on a new home. If she invests her savings of $21350 in an…

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Q: Lupita deposited $5,000 into a savings account that earns 2% interest compounded annually. Rounded…

A: We are given with the interest rate and time duration and the initial payment and we have to find…

Q: How much did John deposit every month in her savings account if she had $10,000 after 33 month-end…

A: We know that from the ordinary annuity formula, A=PMT1+rnny-1rn…

Q: You would like to have $17,000 in your savings account in 18 years. If your savings account pays…

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Q: If you need $8000 to travel to Europe after you graduate in 4 years.  How much would your monthly…

A: The compound interest formula is,

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

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Q: How much will he have in the account after 30 years?

A: Here use Future value formula

Q: Reynaldo deposits 20,000 in a bank at an interesta rate of 6% If it’s compounded annually, how…

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Q: Christian is saving money and plans on making monthly contributions into an account earning an…

A: Given data is: Future value of amount after n period A=$9000 Interest rate i=5.7% Period n =32…

Q: Joe invested his $3500 bonus in an account earning 5.5% annual interest that is compounded…

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Q: Lee puts $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

A: Given, Principal amount, P = $10,000 Rate of interest, r = 7%  Time, t = 10 years We know, Interest,…

Q: A principal of $4600 is invested at 7% interest, compounded annually. How many years will it take to…

A: A=P(1+r/100)t   Here a is amount p is principle  r is rate of interest and t is time in years

Q: Darnell deposts $4000 in a bank account which pays 13.39% interest compounded monthly.  How many…

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Q: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

A: Lee put $10,000 into a stock market index mutual fund that grew at an average of 7% per year for 10…

Q: Mark heard that he could triple his money in 13 years if he invested it in a large business. What…

A: This question is related to compound interest, we will solve it using given information.

Q: Springfield florist plans to replace it's delivery vehicle in three years . If they set aside $16000…

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Q: Karl buys a $2500 investment certificate that pays 3.75% simple interest per year. How much more…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: venture promises a 7% annual interest rate compounded once a year. For how many years should Roger…

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Q: Dylan invested $47,000 in an account paying an interest rate of 4% compounded annually. Assuming no…

A: Formula: The compound interest formula is given by, FV=PV1+rnnt Given: FV=$79,200, PV=$47,000, r=4%,…

Q: Abigail invested $77,000 in an account paying an interest rate of 8% compounded annually. Gavin…

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Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

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Q: Mary needs $13000 for a down payment on a new tractor. If she invests her savings of $10000 in an…

A: Topic - term of loan

Q: A loan of $37,000 is made at 5.75% interest, compounded annually. After how many years will the…

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Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

A: Given interest rate is 4% compounded quarterly. F.V=P.V(1+r/k)nk Here, F.V= Future value P.V=Present…

Q: Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested…

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Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: A loan of $42,000 is made at 8.75% interest, compounded annually. After how many years will the…

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Q: On Melissa's 6th birthday, she gets a $5000 CD that earns 6% interest, compounded quarterly. If the…

A: The compound interest accrued on a principal amount P, at rate R% after time t years is given as…

Q: At the age of 24, you start depositing $200 each month into an IRA that pays 3.75% interest,…

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Q: Jamal wants to save $46,000 for a down payment on a home. How much will he need to invest in an…

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Q: Maria heard that she could triple her money in 18 years if she invested it in a large…

A: Let the invested amount is = p  Therefore, amount after 18 years is = 3p  Time = 18 years

Q: Ashley heard that he could triple his money in 12 years if he invested it in a large…

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Q: A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,…

A: Consider the given information.

Q: Shannon heard that she could triple her money in 11 years if she invested it in a large…

A: We will apply the formula for the compound interest to solve this problem. Here : - T = total money…

Q: Jayden has $70 in a savings account. The interest rate is 5%, compounded annually. To the nearest…

A: Topic- compound interest

Q: Sarah invested $3,800 in an account paying an interest rate of 3.6% compounded daily. Assuming no…

A: Given:  Sarah invested $3800 in an account paying an interest rate of 3.6% compounded daily.  To…

Q: How long it would take to double an invesment if the rate of interest is 10% compounded quarterly?

A: Follow the procedure given below.

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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Q: A principal of $3800 is invested at 8.5% interest, compounded annually. How many years will it take…

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Q: The APR of Bessie's savings account is 6%, and interest is compounded monthly. If the principal in…

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Q: You put $4000 in a bank account earning 3% compounded monthly. To the nearest penny, how much is it…

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Q: Determine the amount of money, to the nearest dollar, you must invest now at 5% per year, compounded…

A: To find:- Determine the amount of money, to the nearest dollar, you must invest now at 5% per year,…