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Monthly compounded nominal interest rate

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Question 1

Charles invested an amount of $24,000 in a mutual fund. After 2 years and 6 months the accumulated value of his investment was $26,447.10. What is the monthly compounded nominal interest rate of the investment if interest is compounded monthly?

....% Round to two decimal places

Question 2

Jacob 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 quarterly does the business offer?

.......% Round to two decimal places

Question 3

If an investment grew to $15,500 in 2 years and the interest amount earned was $950, calculate the nominal interest rate compounded quarterly.

.......%Round to two decimal places

Question 4

How long did it take for an investment of $22,500 to grow to $25,000 at 1.68% compounded semi-annually?

.....years and .......months

Express the answer in years and months, rounded to two decimal places

Reference no: EM132224002

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