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What annual interest rate compounded each month does need

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Reference no: EM132933255

Problem 1: A person deposits $9,270 dollars in a savings account that pays 6.13% per annum convertible every week. In what time will the amount of $11,844.21 dollars be available? Express the result in years.

Problem 2: Benjamin would like to have $1 Million in a mutual fund when he retires in 35 years. If he currently has $8,500, what annual interest rate compounded each month does he need to earn on his account to reach that goal?

Reference no: EM132933255

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