MATH 210 HW #2 - UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN...

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UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN Actuarial Science Program DEPARTMENT OF MATHEMATICS Math 210 P r o f . R i c k G o r v e t t Theory of Interest Fall, 2010 Homework Assignment # 2 (max. points = 10) Due at the beginning of class on Thursday, September 9, 2010 You are encouraged to work on these problems in groups of no more than 3 or 4. However, each student must hand in her/his own answer sheet. Please show your work – enough to show that you understand how to do the problem – and circle your final answer. Full credit can only be given if the answer and approach are appropriate. Please give answers to two decimal places – e.g., xx.xx% and $xx,xxx.xx . (1) At a nominal annual interest rate of 6% convertible monthly, how long will it take you to double your money? (Provide an answer in years , to two decimal places.) (2) If you invest $1,000 now, how much will you have 54 months from now if your money grows at a nominal annual rate of 8% convertible semi-annually? (3)
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This note was uploaded on 09/22/2010 for the course MATH MATH 210 taught by Professor Rickgorvett during the Fall '10 term at University of Illinois, Urbana Champaign.

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MATH 210 HW #2 - UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN...

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