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Interest-bearing certificate compounded semi-annually

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Reference no: EM131373316

1. At the end of two (2) years, a savings account has a balance of $1,172.60 and the interest rate is compounded monthly at 3.2%.  What was the original amount that was deposited two years ago?

2. $100,000 is invested in a 6.5% interest-bearing certificate compounded semi-annually.  Find the amount of money in the account at 0, 4, 8 and 10 years.

3. $2,000 is invested in my new loan program at interest rate (r).  I compound continuously and the funds are grown to $2,983.65 in 5 years.  What was the interest rate (r) used? (Hint - use ln)

4. Looking at Problem 3, please determine:

(a) What will the balance be in ten (10) years?

(b) How long will it take to double the funds (to $4,000) at the interest rate you calculated above?

Reference no: EM131373316

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