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How much was in her account when she started the account

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Question - How long it will take an investment to grow by 3 times in an account that has a 7%/a interest rate compounded monthly.

Jennifer wants to have $304 in her account 6 years from now. She invested in a simple interestaccount. The account earns 4.7%/year. How much does Jennifer need to invest to have $304 in the future?

Joey receives $1744 from his grandparents. He wants to invest it for 6 years, to be used for university tuition. He has the option of two plans: 3.68% per annum, compounded monthly or 4% per annum, compounded annually. How much interest does he make with option 2?

Jason borrowed money that he will pay back in 5 years' time. The interest rate was 2.59% compounded quarterly. He will repay $460 after 5 years. How much money did Jason borrow?

Today Sigrid has $6983.05 in her bank account. For the last 4 years, her account has paid 3.5%/a compounded monthly. Before then, her account paid 4.03%/a compounded semi-annuallyfor 6 years. How much was in her account 4 years ago?

Today Sigrid has $5395.27 in her bank account. For the last 2 years, her account has paid 3.1%/a compounded monthly. Before then, her account paid 4.17%/a compounded semi-annually for 5 years. How much was in her account when she started the account?

Reference no: EM133036902

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