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- How long your money would double its amount if you invested at 5%compounded annually?Jesse wanted to double his money at 3% annual interest compounded monthly. How long will it take to double your money?Does the compounding increases the amount of interest paid over a year atthe same nominal interest rate?
- Accumulate P3, 000 for 9 years at 6% compounded quarterly? What is the compound interest earned?Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.How long it take money to triple if it earns 6% compounded continuously
- Jane deposits $5,000 in a bank account that earns 6% interest compounded semi-annually. How much money will she have after 10 years?You deposit $92 each month into an account earning 4% interest compounded semiannually. How much will you have in 17 years?You deposit $200 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 15 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $