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What must have been the interest rate

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Q1. Suppose you deposit $200 in a bank on January 1 of year 1. Assuming that you can earn 6% interest, compounded annually, how much will you have at the end of year 3 if no withdrawals are made prior to that date?

Q2. Assume that today you have $500 in your savings account. The account was established three years ago with one lump-sum investment, and there has been no withdrawals. Assuming an interest rate of 5%, what must have been the amount of the original investment?

Q3. Assume that after initially depositing $700, after two years you have a total $801.43 in your savings account. Assuming that interest is compounded annually, and there were no withdrawals, what must have been the interest rate?

Reference no: EM132590663

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