1. In how many years will $1000.00 grow to $2000 at 3.6% compounded quarterly? Answer with 2 decimal places.
2. A loan of $2000 taken out today is to be repaid by a payment of $1200 in six months and a final payment of $1000. If interest is 5.318% compounded quarterly, how many months from now should the final payment be made? Answer with whole number.
3. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.
4. What is the quarterly compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.
5. What is the monthly compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places.
6. What is the effective interest rate of 6.75% compounded monthly? Answer in percentage with two decimal places.
7. What is the effective interest rate of 6.75% compounded quarterly? Answer in percentage with two decimal places.
8. Ariel has $1000 to invest. He can get interest rate 3.6% either compounded monthly or compounded semi-annually. How much more can he get by choosing monthly compounded interest if he invests the money for 5 years?
9. Find the nominal annual rate compounded semi-annually that is equivalent to an annual rate of 6% compounded quarterly. Answer in percentage with three decimal places.
10. Royal Bank currently offers 2.94% compounded semi-annually on premium savings deposit. His friend has told him that he would earn more interest if his savings compounded more frequently. What is the nominal annual rate compounded monthly that would be equivalent to his semiannual-rate? Answer in percentage with two decimal places.