How much money must be put into bank account yielding

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1. On the day Harry was born, his parents put $1400 into an investment account that promises to pay a fixed interest rate of 4 percent per year. How much money will Harry have in this account when he turns 21? Round to two decimal places.

2. At what rate must $287.50 be compounded annually for it to grow to $572.86 in 8 years? Submit your answer as a percentage and round to two decimal places.

3. How much money must be put into a bank account yielding 6.42% (compounded annually) in order to have $1,671 at the end of 11 years? Round to two decimal places.

Reference no: EM131964869

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