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May 29, 2015

Homework Help: Math

Posted by Randi on Saturday, April 30, 2011 at 2:36am.

Mary B deposits $8500 into a savings account, compounded monthly at a nominal interest rate of 9 percent, as part of a savings plan that she would like to undertake in 5 years.
1) What is the effective interest rate per annum?
2) How much money would she have saved after 5 years?
3) Mary has an an emergency at the end of the second year after she had invested the money.She withdraws $5000 How much money would she receive after 5 years?

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