How long will it take for an investment of $32,000 in a mutual fund to mature to at least $100,000 if it is growing at the rate of 12% compounded semi-annually? Express your answer in: (i) years, rounded to two decimal places; (ii)years and months; (iii) years and days.

Q: Shea invests $3000 in an account that earns interest at an annual rate of 1.9% compounded monthly.…

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Q: An RRSP is an investment offered by many financial institutions. In a particular RRSP, which is…

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Q: Mr. Belvedere hopes to purchase a new home for $200,000. His savings account accrues interest at 5%…

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Q: Find the amount of money an investment of $15,000 compounded continuously for 10 years at 6.25%…

A: Given: Principal = P = $15,000 Annual rate = R = 6.25% Time = 10 years   To find: Final Amount = A

Q: A building was bought for $150,000 and sold 10 years later for $400,000. What interest rate…

A: given: A building was bought for $150,000 and sold 10 years later for $400,000. we have to determine…

Q: $20,000 is invested at an annual interest rate of 12%, compounded semi-annually. What is the balance…

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Q: how much money should be invested in an account that earns 7% interest, compounded quarterly, in…

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Q: The desired accumulated amount is $60,000after 11 years invested in an account with 2.3% interest…

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Q: Finance. Suppose that $6,000 is invested at 5.2% annual interest rate, compounded monthly. How much…

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Q: An investment of $2000 earns interest at 6% p.a. Its compounded semiannually over 3 years. What is…

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Q: You deposit $7500 into an account that earns 4% annual interest compounded continously. What will…

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Q: Christa wants to invest $50,000 in a retirement fund. One investment offers 8% compounded quarterly.…

A: Here we have, P=50000r=8%=0.08n=4 for quarterly compoundt=1 yearThe compound interest formula is…

Q: Mary invests $3500 at 2.75% compounded continuously. How much money will be in the account after 6…

A: Given Principal amount p = $3500 Interest rate r = 2.75% = 0.0275 Time t = 6 years