Question

# 1)Sophie invested an amount of \$24,000 in a mutual fund. After 3 years and 3 months...

1)Sophie invested an amount of \$24,000 in a mutual fund. After 3 years and 3 months the accumulated value of her investment was \$25,815.47. What is the quarterly compounded nominal interest rate of the investment?

2)Helen heard that she could triple her money in 27 years if she invested it in her friend's telecommunications business. What nominal interest rate compounded quarterly does the business offer?

3)If an investment grew to \$15,000 in 2 years and the interest amount earned was \$1,150, calculate the nominal interest rate compounded quarterly.

4)How long did it take for an investment of \$27,500 to grow to \$33,000 at 1.86% compounded semi-annually?

5)Hewlett Plastics Inc. received a loan of \$60,000 at 3.75% compounded quarterly to purchase machinery for its factory. Calculate the time period of the loan if the total interest paid was \$32,165.48.

6)How long would it take for an investment to double its original amount at 3.62% compounded monthly?

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