What nominal annual rate of interest compounded monthly

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Question 1) What is the nominal annual rate of interest compounded monthly at which money will triple in nine years? (Answer 3 decimal places)

Question 2) Michael has set a goal to save $100,000 in a savings account that earns 3.5% compounded quarterly.

a) How much must he deposit at the end of every 3 months for twelve years?

b) How much interest will he earn?

Question 3) A $100,000 mortgage with a 25-year term is repaid by making payments at the end of every month. If interest is 3% compounded semi-annually, how much are the payments?

Reference no: EM132592721

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