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What would be the balance in the account

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Question - (a) Suppose you deposit $1,000 into a savings account that earns interest at the rate of 5% per annum, compounded quarterly. What would be the balance in the account:

(i) after 15 years?

(ii) after 20 years?

(b) Ted wants to borrow from Fred. Ted is confident that he will have $10,000 available to pay off Fred in two years. How much will Fred be willing to lend to Ted in return for $10,000 two years from now if he uses annual interest rates (compounded monthly) of:

(i) 5%?

(ii) 15%?

(c) How long will it take for an amount of $1,000 to double if interest is paid at 10 percent per annum if:

(i) compounded semi-annually?

(ii) compounded monthly?

Reference no: EM133025566

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