Homework Answers
1) River bank's savings account with an interest rate of 10.8% compounded monthly
The duration it will take to accumulate the money is calculated using the future value of investment equation
1.00912n = 23.333
Taking natural log on both sides of the equation
12n ln 1.009 = ln 23.333
n = 29.30 years
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2) First state bank's savings account with an interest rate of 11.5% compounded annually
1.115n = 23.333
Taking natural log on both sides of the equation
n ln 1.115 = ln 23.333
n = 28.94 years
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3) Union bank's savings account with an interest rate of 9.3% compounded weekly
1.00178846252n = 23.333
Taking natural log on both sides of the equation
52n ln1.001788462 = ln 23.333
n = 33.90 years
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