You won $3000 today and want to triple your money by 2026 what interest rate must...
Homework Answers
| Future value = present value*(1+ rate)^time |
| 9000 = 3000*(1+Interest rate/100)^6 |
| Interest rate % = 20.1 |
| Using Calculator: press buttons "2ND"+"FV" then assign |
| FV =-9000 |
| PV =-3000 |
| N =6 |
| PMT = 0 |
| CPT I/Y |
| Using Excel |
| =RATE(nper,pmt,pv,fv,type,guess) |
| =RATE(Interest rate/100,,-3000,9000,,) |
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a) Your family loans you money for school at a simple interest
rate of 5%. If the original amount they provided was $20,000 what
will you be paying them back in 5 years?
b) You have 10 acres of land that can be used for residential
development. It is worth $20,000 per acre right now. What would it
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