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What annual percentage rate must the investment earn

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Question: 1) Fast Growth Investment Company offers an investment that promises to triple your money in 39 months. This investment promises to credit interest to your account every quarter, that is, the interest is compounded quarterly. What annual percentage rate (APR) must the investment earn to meet the promised return? (Hint: Find quarterly rate first.)

2) You are planning to purchase your first house with a down payment of $80,000. Currently, you have $20,000 in the bank which earns interest at 8% compounded monthly. How many years will you have to wait before you can afford the down payment for the house?

Reference no: EM132754986

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