Earning quarterly compounded interest rate-calculate rate

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Reference no: EM131608632

1. Suppose you want to withdraw $2500 annually from your bank account over the next 10 years. If the annually compounded interest is 6%. How much you need to deposit today?

2. You deposited $45,000 in a bank some time ago, earning 6.5% monthly compounded interest, and it has grown to $55,000. How many years it took the money to grow at this level?

3. You deposit $3500 in a bank earning 9.5% monthly compounded interest. How much you will have in 8 years.

4. You deposited $4000 in a bank 8 years ago, and now it has grown to $6450 earning quarterly compounded interest rate. Calculate this rate.

Reference no: EM131608632

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