Kevin was told that his loan bears 12 interest knowing that, Financial Management

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Kevin was told that his loan bears 12 interest knowing that

1. How long will it take (in years) for $11,450 to accumulate to $29,545.88 if the money is worth 18% compounded semiannually?

2. Find the term of maturity in months for a fund with CV = $7, 000, FV = $10, 866.80, and r = 14¾% compounded monthly.

3. Kevin was told that his loan bears 12% interest. Knowing that the compounding term will be monthly, what is the effective rate of interest?

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