If money is invested for 8 years at a simple interest rate of 8.6% per annum,...

If money is invested for 8 years at a simple interest rate of 8.6% per annum, the nominal interest rate per annum, compounding monthly, is (as a percentage rounded to three decimal places; no % sign):

Expert Solution

Let r be the rate compounded monthly

Hence,
(1+8.6%*8)=(1+r/12)^(12*8)
=>r=((1+8.6%*8)^(1/(12*8))-1)*12
=>r=6.5622%

jeff jeffy answered 2 years ago

If money is invested for 10 years, the per annum simple interest rate equivalent to a...

If money is invested for 10 years, the per annum simple interest rate equivalent to a nominal rate of 6.5%p.a compounding quarterly is

If money is invested for 4 years, the per annum simple interest rate equivalent to a...

If money is invested for 4 years, the per annum simple interest rate equivalent to a nominal rate of 4.9%p.a compounding monthly is (as a percentage rounded to three decimal places; don’t use % sign): Answer:

Calculate the simple interest. (6 marks) Principal Rate per Annum Time Simple Interest $1356.78 8% 6...

Calculate the simple interest. Principal Rate per Annum Time Simple Interest $1356.78 8% 6 years $685.43 9.25% 7 months $1595.85 7.75% 185 days Calculate the principal. Simple Interest Rate per Annum Time Principal $1275.00 8.5% 3 years $585.90 9.25% 5 months $210.75 8.75% 63 days Calculate the interest rate per annum correct to 1 decimal place. Principal Simple Interest Time Rate per Annum $10,563.77 $7394.64 7 years $6854.25 $433.53 11 months $450.00 $7.22 66 days Calculate the simple interest, then...

A loan of RM5,000 for 20 months at 10% per annum simple interest rate was settled...

A loan of RM5,000 for 20 months at 10% per annum simple interest rate was settled by making 20 monthly payments. Find the outstanding principal just after the eighth payment by using the Rule of 78.

An investment pays 8% interest compounded continuously. If money is invested steadily at the rate of...

An investment pays 8% interest compounded continuously. If money is invested steadily at the rate of $16,000, how much time is required until the value of the investment reaches $160000? 2) Given f'(t)=-0.5t-e^-2t, compute f(5)-f(3) 3) Find the area under the given curve over the indicated interval. y= 6x^2+x+3e^x/3; x=1 to x=5

$14,000 is invested for 7 years at an annual simple interest rate of 11%. (a) How...

$14,000 is invested for 7 years at an annual simple interest rate of 11%. (a) How much interest will be earned? $ (b) What is the future value of the investment at the end of the 7 years? $ 2.–/1 points My NotesAsk Your Teacher $10,000 is invested for 6 months at an annual simple interest rate of 3%. (a) How much interest will be earned? $ (b) What is the future value of the investment after 6 months? $...

6A. 14,000 is invested for 3 years at an annual simple interest rate of 14%. What...

6A. 14,000 is invested for 3 years at an annual simple interest rate of 14%. What is the future value of the investment at the end of the 3 years? B. To buy a Treasury bill (T-bill) that matures to $10,000 in 6 months, you must pay $9750 If the bank charges a fee of $70 to buy a T-bill, what is the actual interest rate you earn? (Round your answer to one decimal place C. If $5000 is invested...

If the effective interest rate is 20% per annum, What is the nominal rate if it...

If the effective interest rate is 20% per annum, What is the nominal rate if it is: a. Compounded daily (360 days) b. Compounded daily (365 days) c. Compounded weekly d. Compounded monthly e. Compounded quarterly f. Compounded semi-annnually g. Compounded annually

Ali invested $300,000 in a small project for an interest rate of 8%. Four years later,...

Ali invested $300,000 in a small project for an interest rate of 8%. Four years later, he invested another $600,000 in the same project but this time for an interest rate of 10%. What is the total amount of money he is going to receive after 12 years of his investment period? The Petrochemical manufacturing company is planning to increase the production by replacing a new continues stirred tank reactor. The costs of reactor shown in table below. Calculate the...

lindsay borrowed a certain amount of money for 5 years at an annual simple interest rate...

lindsay borrowed a certain amount of money for 5 years at an annual simple interest rate of 6.2%. if the maturity value oj the loan was $4,135, what was the total amount interest she paid on the loan?

Question