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Here are the solutions to the problems: 1. 11.5% compounded annually will triple the amount in approximately 20 years. 2. The nominal annual interest rate paid on this account was approximately 6% compounded semi-annually. 3. The amount available in two years will be approximately $3000. 4. The nearest value of the required monthly payments to pay off the $20,000 loan at 6% interest compounded monthly over 5 years is $420. 5. The implied annual interest rate for the time payments is approximately 12%.

Author

Iscandar Pacasum Disamburun

Language

EN