You purchased a discount bond with a simple discount rate of 7.20% 537 days ago, and today the bond matured and you collected $8335.
What was the equivalent simple interest rate for this transaction? Your answer should be a percent rounded to two decimal places.
Herbert currently has $50750 in a savings account with his local bank, but unfortunately he doesn’t remember the interest rate or compounding period on this account. Fortunately, a quick look at his bank’s website indicates that all of their savings accounts have an effective annual interest rate of 7.8%. He wants to save up $64307 so that he can buy a secondhand speedboat.
How many years will it be before Herbert can buy his speedboat? Assume that Herbert doesn’t make any deposits or withdrawals during this time, and round your answer to one decimal place.
Assuming an inflation rate of 3.4%, in approximately what year should we expect the average price of goods to be quadruple what they are now? Use the Rule of 72 and round your answer to the nearest year (and remember that the current year is 2016).
The local government allots $974425 to the local park system, expecting that each year 76% of this investment will be recycled back into the parks.
After the initial economic impact of the first 6 years of this investment (this includes the build year), what further impact will this investment have in the future? In other words, what is the impact of this investment beyond the first 6 years? Round your answer to the nearest dollar.
Little Toby wants $350 for a new video game system, and has decided to save up some of his monthly allowance to do so. The first month he puts $4.78 into his piggy bank, and each month after that he puts an amount in his piggy bank that is $0.58 more than the last month’s deposit.
If after 12 months Toby has enough money to buy his game system, how many dollars did he have in his piggy bank already when he started saving? Your answer should be exact and to the nearest cent.
Rosie deposits $19273.50 into an account that pays simple interest at a rate of 6.86%.
If Rosie withdraws all of the money from this account after 17 years, what is the equivalent annual compound interest rate for this investment assuming this rate compounds weekly? Your answer should be a percent rounded to the nearest 2 decimal places.
Claudia wants to have $25963 saved up in her bank account in 17 years; her account earns 2.32% compounded continuously.
How much should Claudia deposit now to meet her goal? Round your answer to the nearest dollar.
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