Texts:
1. For the following equation: S = P(1 + r)^n, where P = $3,000, S = $11,000, and n = 5, the value of r is (expressed as a percentage rounded to the nearest two decimal places; don't show the % sign. For example, 0.05623 is 5.623% but would be expressed as 5.62): Answer:
2. You invested $6,000 in a savings deposit 8 quarters ago, and it has grown to $6,886 today. What nominal rate of annual interest (compounding quarterly) did you earn? (expressed as a percentage to two decimal places; don't use the % sign) Answer:
3. If I invest $23,000 today at 14.6% p.a. compounding quarterly, how long will it take for the investment to reach $150,000? Answer in quarters to two decimal places.