Remember interest rate or compounding period on account

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1. Herbert currently has $47335 in a savings account with his local bank, but unfortunately he doesn't remember the interest rate or compounding period on this account. Fortunately, a quick look at his bank's website indicates that all of their savings accounts have an effective annual interest rate of 4.4%. He wants to save up $65089 so that he can buy a secondhand speedboat. How many years will it be before Herbert can buy his speedboat?

2. Claudia wants to have $49137 saved up in her bank account in 11 years; her account earns 4.49% compounded continuously. How much should Claudia deposit now to meet her goal?

Reference no: EM131355447

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