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Unformatted text preview: nominal rate of discount compounded monthly? Your Answer: 0.06015 Correct Answer: .598e-1 Comment: Instructors Comment: 0.0 4 In 1985, an investor opened an investment account with 1,500 earning simple interest at an annual rate of 10.5%. Four years later, the investor closed the account and invested the accumulated value into a new investment account earning 6.75% compounded annually. Determine the number of years since 1985 need for the balance to reach 3,000. Your Answer: No answer Correct Answer: 9.2433 Comment: 1,500(1+0.105(4))(1+0.0675) (n-4) = 3,000 => n = 9.2433 Instructors Comment: 0.0 5 Given = 8.5%, find the equivalent rate i (2) . Your Answer: 0.08683 Correct Answer: .868e-1 Comment: Instructors Comment: 1.0 Maple T.A. - Gradebook http://maple-ta4.math.uwaterloo.ca:8080/mapleta/gradebook/gr. .. 2 of 2 4/6/09 9:04 AM...
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- Winter '09