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!
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!