Please answer the two questions3-6 and 3-41 36 How long will it take for an investment to double ata 3% per yearA(a) simple interest rate(b) compound interest rateContributed by Hamed Kashani, Saeid Sadri, andBaabak Ashuri, Georgia Institute of Technology34 A local store charges 11/2% each month on theunpaid balance for its charge account. What nomi-nal annual interest rate is being charged? What is theeffective interest rate?

Introduction A specific principal sum of money is multiplied by an interest rate to determine the…

6 How long will it take for an investment to double a a 3% per year? (a) simple interest rate (b) compound interest rate Contributed by Hamed Kashani, Saeid Sadri, an Baabak Ashuri, Georgia Institute of Technology 34 A local store charges 11/2% each month on th unpaid balance for its charge account. What nom nal annual interest rate is being charged? What is t effective interest rate?

6 How long will it take for an investment to double a a 3% per year? (a) simple interest rate (b) compound interest rate Contributed by Hamed Kashani, Saeid Sadri, an Baabak Ashuri, Georgia Institute of Technology 34 A local store charges 11/2% each month on th unpaid balance for its charge account. What nom nal annual interest rate is being charged? What is t effective interest rate?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer the two questions 3-6 and 3-41

36 How long will it take for an investment to double at
a 3% per year
A
(a) simple interest rate
(b) compound interest rate
Contributed by Hamed Kashani, Saeid Sadri, and
Baabak Ashuri, Georgia Institute of Technology
34 A local store charges 11/2% each month on the
unpaid balance for its charge account. What nomi-
nal annual interest rate is being charged? What is the
effective interest rate?

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