Solution-Effective rate of compound interest rate or

Effective rate of compound interest rate or investment

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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.)

Reference no: EM131227837

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Effective rate of compound interest rate or investment : 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.

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Effective rate of compound interest rate or investment

Reference no: EM131227837

Reference no: EM131227837

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