Compound Interest: a. A tithe of $35,000 is made to a local church. The money is to be invested and the accumulated amount used to purchase a new youth group bus. How long will it take for the tithe to double in value if the money is invested at 7.75% APR compounded monthly? b. What is the annual interest rate (APR) required for $22,500 to accumulate to $50,000 in 14 years with interest compounded semi-annually? C. What is the present value or Principal, that will return $40,000 in a Guaranteed Investment Certificate (GIC) in 9 years at 4 % % APR compounded quarterly? 2. Compound Interest: a. A tithe of $35,000 is made to a local church. The money is to be invested and the accumulated amount used to purchase a new youth group bus. How long will it take for the tithe to double in value if the money is invested at 7.75% APR compounded monthly? b. What is the annual interest rate (APR) required for $22,500 to accumulate to $50,000 in 14 years with interest compounded semi-annually? C. What is the present value or Principal, that will return $40,000 in a Guaranteed Investment Certificate (GIC) in 9 years at 4 % % APR compounded quarterly?

Compound Interest: a. A tithe of $35,000 is made to a local church. The money is to be invested and the accumulated amount used to purchase a new youth group bus. How long will it take for the tithe to double in value if the money is invested at 7.75% APR compounded monthly? b. What is the annual interest rate (APR) required for $22,500 to accumulate to $50,000 in 14 years with interest compounded semi-annually? C. What is the present value or Principal, that will return $40,000 in a Guaranteed Investment Certificate (GIC) in 9 years at 4 % % APR compounded quarterly? 2. Compound Interest: a. A tithe of $35,000 is made to a local church. The money is to be invested and the accumulated amount used to purchase a new youth group bus. How long will it take for the tithe to double in value if the money is invested at 7.75% APR compounded monthly? b. What is the annual interest rate (APR) required for $22,500 to accumulate to $50,000 in 14 years with interest compounded semi-annually? C. What is the present value or Principal, that will return $40,000 in a Guaranteed Investment Certificate (GIC) in 9 years at 4 % % APR compounded quarterly?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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