Homework answers / question archive / Question #1 If $35,000 is invested at 8% compounded quarterly, how long (in quarters) will it be before it grows to $45,000? (Round your answer to one decimal place

Question #1 If $35,000 is invested at 8% compounded quarterly, how long (in quarters) will it be before it grows to $45,000? (Round your answer to one decimal place

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Question #1

If $35,000 is invested at 8% compounded quarterly, how long (in quarters) will it be before it grows to $45,000? (Round your answer to one decimal place.)

 

Question #2

If $6,000 is invested for 3 years at 8% compounded quarterly, how much interest (in $) will be earned? (Round your answer to the nearest cent.)

 

Question #3

Three years from now, a couple plans to spend 4 months traveling in China, Japan, and Southeast Asia. When they take their trip, they would like to withdraw $13,000 at the beginning of each month to cover their expenses for that month. Starting now, how much must they deposit at the beginning of each month for the next 3 years so that the account will provide the money they want while they are traveling (in $)? Assume that such an account pays 7.8% compounded monthly. (Round your answer to the nearest cent.)