A friend tells you she has saved for 7 years and has a present sum of $10,000, which earned at the rate of 8% per year, compounded quarterly. (a) Determine the equivalent amount she had to start with 7 years ago. (b) Write the EFFECT function to find the effective rate per year.
What will be an ideal response?
(a) P = 10,000(P/F,2%,28)
= 10,000(0.5744)
= $5744
(b) = EFFECT(8%,4) displays 8.243% per year
Trades & Technology
You might also like to view...
Which of the following is a roadblock for development of fusion power?
A) The funding for fusion power B) The need for extreme heat C) The storage of the materials D) The rapid cooling of materials
Trades & Technology
Answer the following statement(s) true (T) or false (F)
The motor is connected to the power line regardless of which direction it operates.
Trades & Technology
A hybrid benefits from a phenomena known as ____________________
Fill in the blank(s) with correct word
Trades & Technology
What is the proper method of drawing fractions in freehand?
What will be an ideal response?
Trades & Technology