Determine i,n,P and F for the following situations: a) The amount of money that

Question

Determine i,n,P and F for the following situations:

a) The amount of money that must be deposited now at 4.5% interest compounded weekly in order to have $7500 in 1 year is 7170.12

b) $3,000 deposited at 6% interest compounded monthly will grow to $18,067.73 in 30 years

c) In 1626 Peter Minuit, the first director-general of New Netherlands province, purchased Manhattan Island for trinkets and cloth valued at about $24. Had this money been invested at 8% interest compounded quarterly, it would have amounted to $389,112,500,000 by 2010

Explanation / Answer

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