Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.)16%compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as1.3%per month.
You have just received $185,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.2% compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)
You have just won $160,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 6% compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)