1. Determine how much $1,000 deposited in a savings account paying 8% compounded annually will be worth after 5 years.
2. At an effective interest rate of 12%, a single sum invested today will double itself in approximately:
3. Your bank balance is exactly $10,000. Three years ago you deposited $7,938 and have not touched the account since. What annually compounded rate of interest has the bank been paying?
4. $3,947 deposited four years ago has grown to $5,000. What semiannually compounded rate of interest has the bank been paying?
5. Using an annual interest rate of 9%, how long will it take a deposit of $1,000 to grow to $3,000, assuming no additional deposits are made?