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Isabella and Charlotte both receive 80 000 Australian dollars (AUD) on their 18th birthday to invest for later in their life. Isabella deposits her 80 000 AUD in a bank account that pays a nominal interest rate of x%, compounded monthly. 2a. The amount in a bank account after 6 years will be 100 000 AUD. Find the nominal annual interest rate. Give your answer correct to two decimal places.

Isabella and Charlotte both receive 80 000 Australian dollars (AUD) on their 18th birthday to invest for later in their life. Isabella deposits her 80 000 AUD in a bank account that pays a nominal interest rate of x%, compounded monthly. 2a. The amount in a bank account after 6 years will be 100 000 AUD. Find the nominal annual interest rate. Give your answer correct to two decimal places.

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Isabella and Charlotte both receive 80 000 Australian dollars (AUD) on their 18th birthday to invest for later in their life. Isabella deposits her 80 000 AUD in a bank account that pays a nominal interest rate of x%, compounded monthly. 2a. The amount in a bank account after 6 years will be 100 000 AUD. Find the nominal annual interest rate. Give your answer correct to two decimal places. [3 Marks] 2b. Charlotte uses her 80 000 AUD to buy a house that increases in value at a rate of 3% per year. Find the price of the house after 6 years. [3 Marks]
Transcribed Image Text:Isabella and Charlotte both receive 80 000 Australian dollars (AUD) on their 18th birthday to invest for later in their life. Isabella deposits her 80 000 AUD in a bank account that pays a nominal interest rate of x%, compounded monthly. 2a. The amount in a bank account after 6 years will be 100 000 AUD. Find the nominal annual interest rate. Give your answer correct to two decimal places. [3 Marks] 2b. Charlotte uses her 80 000 AUD to buy a house that increases in value at a rate of 3% per year. Find the price of the house after 6 years. [3 Marks]
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