financial math help!?

Star

New member
I've substituted the numbers into the formulas but i still don't get the same answers as the correct solutions. can someone please show me the steps?

1. elise deposits $500 into an acount that earns 6.5% annual interest, compounded quarterly. how long will it take to the nearest month, for this amount to double?

2. the present value of an account worth $3828 in 4 years is $3000. if interest is compounded semi-annually, determine the annual rate of interest.

3. the future value of a $200 deposit in an account that earns 6.25% annual interest is $272.71 after 5 years. Determine the compounding period for this investment.

thank you!
 
My calculator says 43 months for the first question.

Says 3.09 for the second

semi-annually

I had to guess at the third one. Using an old HP12C, I can't determine how to make the determination, so I guessed six months, and it worked.

Ask again and tell us the formulas you are using. Possibly you can get more help.
 
Back
Top