1. Determine the interest rate earned on a $4,444 deposit when $4789 is paid back in one year. (Round your answer to 2 decimal places.) 2. You decide to make a deposit of $500 today and earns the following interest rates: 7 percent in the first year. 6 percent in the second year. 5 percent in the third year. What would be the third year future value? (Round your answer to 2 decimal places.) 3. How many years will it take $1.5 million to grow to $3.50 million with an annual interest rate of 6.25 percent? (Do not round intermediate calculations.) 4. Jeff realizes that he has charged too much on his credit card and has racked up $8,200 in debt. If he can pay $325 each month and the card charges 19 percent APR (compounded monthly), how long (in months) will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
1. Determine the interest rate earned on a $4,444 deposit when $4789 is paid back in one year. (Round your answer to 2 decimal places.)
2. You decide to make a deposit of $500 today and earns the following interest rates:
7 percent in the first year.
6 percent in the second year.
5 percent in the third year.
What would be the third year
3. How many years will it take $1.5 million to grow to $3.50 million with an annual interest rate of 6.25 percent? (Do not round intermediate calculations.)
4. Jeff realizes that he has charged too much on his credit card and has racked up $8,200 in debt. If he can pay $325 each month and the card charges 19 percent APR (compounded monthly), how long (in months) will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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