If you deposit $10,000 in a bank account that pays monthly interests and expect to receive $12,000 in 5 years, what is the interest rate that bank pays? Please round your answer to the second decimal (e.g. 0.00).
If you plan to apply for a PhD program, which will cost you $150,000 for tuition and living expenses, in 5 years, how much do you need to deposit today? Assume the bank will pay you 12% compounded monthly.
Please round your answer to the second decimal (e.g. 0.00).
If you plan to apply for a PhD program, which will cost you $150,000 for tuition and living expenses, and currently you deposit all your savings, $75,000 into a bank that pays you 12% interest compounded semi-annually, how many years do you need to wait to have sufficient funds to enroll in a PhD program?
Please round your answer to the second decimal (e.g. 0.00).