Problem regarding the nominal annual rate of interest

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Reference no: EM13969825

1) Mr. Philip Gonzalez deposits 8,123,233 in an account earning 4.35% per year and will withdraw half of the accumulated amount every year for sex years. How much is left after the seventh year?

A) 170000
B) 171000
C) 172000
D) 173000
E) None of the above

2. Suppose you deposit 35,700 today and your account will accumulate to 84,000 in 6 years. What is the nominal annual rate of interest, given quarterly compounding?

A) 14.42%
B) 14.52%
C) 14.625
D) 14.72%
E) None of the above

Reference no: EM13969825

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