What quarterly compounding interest rate do you suggest

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Reference no: EM133265513

1.If an investment grew to $14,000 in 3 years and the interest amount earned was $1,588.06, calculate the nominal interest rate compounded monthly.

2.Canary Company invested this year's profits of $80,800.00 in a fund that matured to $167,895.17 in 5 years. What nominal interest rate compounded quarterly is this investment earning?

3.If Jared wants to earn interest of $3,400.40 on her $16,000.00 savings in 3 years, at what nominal interest rate compounded quarterly do you suggest she invests her money?

4. Jennifer wants to double her money in 17 years in an investment fund. What nominal quarterly compounding interest rate do you suggest that she look for? (Hint: If money doubles, the ratio of FV to PV is 2.)

5.A bank charges Cash Co. an interest rate of 5.25% compounded quarterly on its line of credit. If 0.5% was added to the effective interest rate, calculate the new interest rate compounded quarterly.

6. What nominal interest rate compounded monthly is equivalent to 3.75% compounded quarterly?

Reference no: EM133265513

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