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How long will it take for $5,000 to grow to $8,000 if the investment earns an interest rate of 8% per year compounded quarterly (i.e., 4 times a year). Exact length of time (without using a calculator), t = 5.93360 Length of time, rounded to 2 decimal places = 5.93 years years
Determine the interest rater needed for an investment to triple in value in 12 years if interest is compounded continuously. Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places = %
Determine the interest rate r needed for an investment of $5,000 to grow to $9,000 in 7 years if interest is compounded continuously. Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places %
Determine the interest rater needed for an investment of $4,000 to grow to $16,000 in 7 years if interest is compounded monthly (i.e., 12 times a year). Exact interest rate (without using a calculator), r = Interest rate, as a percent, rounded to 2 decimal places = %