1 find the time required for an investment of 7000 dollars to grow to 12000 dollars at an intere

1) We can use the compound interest formula to find the time required for the investment to grow

Question

1) Find the time required for an investment of $7,000 to grow to $12,000 at an interest rate of 9% per year, compounded monthly. Give your answer accurate to 2 decimal places. ___ years 2) How much would you need to deposit in an account now in order to have $3,000 in the account in 10 years? Assume the account earns 5% interest compounded monthly. $_ 3) Find the time required for an investment of $3,000 to grow to $14,000 at an interest rate of 8% per year, compounded monthly. Give your answer accurate to 2 decimal places. __ years 4) Use the compound interest formula, A(t) = P(1 + r/n)^(nt) An account is opened with an initial deposit of $8,500 and earns 3.5% interest compounded semi-annually. Round all answers to the nearest dollar. a) What will the account be worth in 15 years? $ b) What if the interest were compounding monthly? $ c) What if the interest were compounded daily (assume 365 days in a year)?

          1) Find the time required for an investment of $7,000 to grow to $12,000 at an interest rate of 9% per year, compounded monthly. Give your answer accurate to 2 decimal places.
    _______ years
    2) How much would you need to deposit in an account now in order to have $3,000 in the account in 10 years? Assume the account earns 5% interest compounded monthly.
    $_________
    3) Find the time required for an investment of $3,000 to grow to $14,000 at an interest rate of 8% per year, compounded monthly. Give your answer accurate to 2 decimal places.
    ______ years
    4) Use the compound interest formula,
    A(t) = P(1 + r/n)^(nt)
    An account is opened with an initial deposit of $8,500 and earns 3.5% interest compounded semi-annually. Round all answers to the nearest dollar.
    a) What will the account be worth in 15 years? $
    b) What if the interest were compounding monthly? $
    c) What if the interest were compounded daily (assume 365 days in a year)?

Added by Esther B.

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