What amount of money is in the account today

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Reference no: EM132074406

1. Ben Franklin set aside $1,000 in an account for the benefit of Philadelphia. After taking into account all the money that gets used from the account each year, the account still grows by 5% in value each year. If he made the investment 277 years ago, what amount of money is in the account today?

2. What interest rate would I have to earn to triple my money over an 12-year period? Assume annual compounding. (If the answer is 13.954%, enter 13.954. Do not put 0.13954 or use the % symbol.

Reference no: EM132074406

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