The annual interest rate is 4.2%. Find the following. (a) The semiannual interest rate.% (b) The quarterly interest rate.% (c) The monthly interest rate.%
5. The annual interest rate is 4.2%. Find the following.
(a) The semiannual interest rate.%
(b) The quarterly interest rate.%
(c) The monthly interest rate.%
6. A family deposits $1500 into an account that pays 5% compounded quarterly. Find the amount in the family's account atthe end of each year for 4 years. (See Example 1.) (Round your final answers to two decimal places.
)end of year 1$
end of year 2$
end of year 3$
end of year 4$
7. A woman buys an investment that pays 6% compounded semiannually. She wants $35,000 when she retires in 15 years.How much should she invest? (See Example 7. Find the present value.) (Round your final answer to two decimal places.)
8. What is the effective interest rate of 4.8% interest compounded monthly? (Round your final answer to two decimal places.)
9. Find the annual nominal rate for the effective rate given below.Effective rate = 5.422%. Annual rate is compounded monthly. (Round your final answer to one decimal place.)%
10. Jody invests $2000 at 4.5% interest and plans to leave it for 10 years. (Round your final answers to two decimal places.)
(a) Find the value after 10 years if the interest paid is simple interest.$
(b) Find the value after 10 years if the interest paid is compounded quarterly.$
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