Question

Max, Inc. deposited deposit to grow to $6,798 if the interest is $2.000 in a bank account that pays 12% annual interest. How many years would it take fo, the O A. 10.5 ??. 9.5 OC. 8.5 O D. 12.5 Harold Hawkins bought a home for $320,000. He made a down payment of $45,000, the balance will be paid off over 30 $1 years at a 6.775% rate of interest. How much wil Harold's monthly payments be? Round om to the nearest O A. $3,200 O B. $1,788 O C. $1,682 O D. $1,450 13. Jay just graduated. He plans to work for 5 years and then leave for Australia He figures that he can save $3,500 a year for the first 3 years and $5,000 a year for the next 2 years. addition, his family gave him a $2.500 graduation git. If he puts the gift, and the future savings when they start, into an account that pays 7.75% compounded annually, what will years from now? Round off to the nearest $1. These savings will start one year from now. In his finan al-stake" be when he leaves tr Australia te O A. $24,725 O B. $36,082 O c. $30,003 O D. $27,178 14. what is the value of S750 invested at 7,5% compounded quarterly for 4.5 years (round to the nearest s?r OA. $1,048 O B. $1,010 O c. $1.038 O D. $808 annual ylfIngnd made 40 nal annual rate of return of 12%, compounded se consecutive semiannual deposits of $500 each, with the first deposit being made today, how much will she accumulate at the end of Year 20? Round off to the nearest $1. 15. Ingrid Birdman can eam ano OA. $64,132 O B. $52.821 O C. $82,024 OD. S57901

Answer 1

Answer 2

As per cheeg rule, one question at a time is answered<

SOLUTION :

Let it takes n years to happen as desired.

Semi-annual interest rate, r = 12/2 = 6% = 0.06

=> 1 + r = 1.06

Semi-annual periods = 2 n

So,

FV/ PV = (1 + r) ^(2 n)

=> 6798/2000 = 1.06^(2n)

Taking log 

=> log(6798/2000) = 2n log(1.06)

=> n = log(6798/2000) / (2 log(1.06))

=> 10.5 years  : OPTION A (ANSWER)