Assume that Aloystarted a paper route on January 1, 1970. Since that day, at the end of every three (3) months (first deposit made on April 1, 1970),she deposited $500.00 in to a savings account, which paid her interest of 4 percent annually but with quarterly compounding. On January 1, 1980, she took the balance in her savings account and transferred it to an account that paid 11.5% p.a.Assuming that Aloy did not deposit any additional money into the account after the transfer, how much did she have in her account on January 1, 2021?
On the day that his first child was born, Ezio Auditore de Firenzedeposited $4,000 into an investment account. The only purpose for the account was to pay for his son’s first year of college tuition. Assume that his son, Flavia, started college on his 18th birthday and his first year tuition payment had to be made that day. The amount needed on that day was $26,000. If that was indeed the amount of money in the account on Flavia’s 18th birthday, what annual rate of return did Ezio earn on his investment account?
Suppose that today, Ellie deposited$5,000 into an account earning 2.75 percent interest, compounded monthly. How many years (rounded to one decimal place -for example, 32.1843 year = 32.2) will it take for your account to triple?