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- If a person wants to invest $5,000.00 now for the next 10 years plans to withdraw $7,500.00 after 10 years, what is the exact interest rate he should ask for his investment?How can we calculate the effective interest rate, altering the period value?altering the period value?What is the U.S 6 month interest rate?
- Ella Stein paid $187.50 interest on a loan of $12,000 for 3 months. What was the rate of interest she paid?Trevor's starting salary at his new job is $40,000. His company gives a performance raise of 5% each year. If Trevor continues in the same position and always receives the performance raise, in how many years will he double his salary?What is the effective annual interest rate?
- How long in years will money double its amount if invested at 10% simple interest?What does the statement “interest rate 10%” signify? a The rate is effective per year. b The rate is nominal per year. c The rate is nominal per quarter. d The rate is effective per quarter.How much should you put into 6% saving account in order to have 100,000 in five years?