Greg will invest 20 000 today in five-year investment, Mechanical Engineering

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Greg will invest 20 000 today in five-year investment

Greg will invest $20 000 today in five-year investment certificates that pay 8% nominal interest, compounded quarterly. How much money will this be in five years? You bought an antique car three years ago for 500 000 yuan. Today it is worth 650 000 yuan.

(a) What annual interest rate did you earn if interest is compounded yearly?

(b) What monthly interest rate did you earn if interest is compounded monthly?

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