Q: The amount owed on a promissory note for $950 after two
The amount owed on a promissory note for $950 after two years and five months is $1165.79. What monthly compounded nominal rate of interest was charged on the debt?
See AnswerQ: Philippe contributed $4300 to an RRSP eight years and six months
Philippe contributed $4300 to an RRSP eight years and six months ago. The money was invested in a Canadian Equity mutual fund. The investment is now worth $10,440.32. Over the entire period, what annu...
See AnswerQ: When he died in 1790, Benjamin Franklin left $4600 to
When he died in 1790, Benjamin Franklin left $4600 to the city of Boston, with the stipulation that the money and its earnings could not be used for 100 years. The bequest grew to $332,000 by 1890. Wh...
See AnswerQ: The Templeton Growth Fund has been around since 1954. If you
The Templeton Growth Fund has been around since 1954. If you had invested $10,000 in the fund when it was launched in 1954 it would have been worth $5.09 million 54 years later. What compound annual r...
See AnswerQ: Anders discovered an old pay statement from 11 years ago. His
Anders discovered an old pay statement from 11 years ago. His monthly salary at the time was $2550 versus his current salary of $4475 per month. At what (equivalent) compound annual rate has his salar...
See AnswerQ: An $1100 investment earning 6.3% compounded annually grew
An $1100 investment earning 6.3% compounded annually grew to $4483.92. What was the term of the investment?
See AnswerQ: Rounded to the nearest month, how long will it take an
Rounded to the nearest month, how long will it take an investment to double if it earns: 1. 8.4% compounded annually? 2. 10.5% compounded semiannually?
See AnswerQ: One year ago, Sook-Yin allocated the funds in her
One year ago, Sook-Yin allocated the funds in her portfolio among five securities in the proportions listed below. The rate of return on each security for the year is given in the third column of the...
See AnswerQ: Rounded to the nearest month, how long will it take an
Rounded to the nearest month, how long will it take an investment to triple if it earns: 1. 9% compounded annually? 2. 8% compounded quarterly?
See AnswerQ: Rounded to the nearest quarter year, how long will it take
Rounded to the nearest quarter year, how long will it take an investment to quadruple if it earns: 1. 8% compounded annually? 2. 9% compounded semiannually?
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