Determine the amount of money in savings account

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Reference no: EM131976859

1) At a growth (interest) rate of 7 percent annually, how long will it take for a sum to double? To triple? Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Time needed to double:

Time needed to triple:

2) Determine the amount of money in a savings account at the end of 3 years, given an initial deposit of $11,500 and an annual interest rate of 12 percent when interest is compounded: Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

a. Annually Future Value:

b. Semiannually Future Value:

c. Quarterly Future Value:

Reference no: EM131976859

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