/1 16. If an initial investment of $3000.00 had doubled 2 times over the course of 24 years, what is the interest rate? a. 1.5% te24 years b. 3% c. 6% d. 9% Chapter 3 Assignment Unit B: Interest 14 17. A college fund was started for Luke when he was born. The interest rate was 5.5%/a, compounded quarterly. Determine the initial amount of money invested if after 18 years the investment is worth $15000.00. Hint: A= 81 %3D r = O.055 3D %3D Find
/1 16. If an initial investment of $3000.00 had doubled 2 times over the course of 24 years, what is the interest rate? a. 1.5% te24 years b. 3% c. 6% d. 9% Chapter 3 Assignment Unit B: Interest 14 17. A college fund was started for Luke when he was born. The interest rate was 5.5%/a, compounded quarterly. Determine the initial amount of money invested if after 18 years the investment is worth $15000.00. Hint: A= 81 %3D r = O.055 3D %3D Find
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:/1 16. If an initial investment of $3000.00 had doubled 2 times over the course of 24 years, what is the
interest rate?
a. 1.5%
te24 years
b. 3%
c. 6%
d. 9%
Transcribed Image Text:Chapter 3 Assignment
Unit B: Interest
14 17. A college fund was started for Luke when he was born. The interest rate was 5.5%/a,
compounded quarterly. Determine the initial amount of money invested if after 18 years the
investment is worth $15000.00.
Hint: A=
81
%3D
r = O.055
3D
%3D
Find
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