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Magazine Problem 27
Find the APR of a bond that doubles its value in 12 years. Round your answer to the nearest hundredth of a percent.
Problem 32
CashNet USA is a payday loan company that offers quick, short-term loans using the borrower's future paychecks as collateral. CashNet USA charges \(\$ 25\) for each \(\$ 100\) loaned for a term of 14 days. Find the APR charged by CashNet USA.
Problem 34
Find the future value of an investment of \(P=\$ 1237.50\) compounded annually with a \(8.25 \%\) APR for a term of (a) three years. (b) four and a half years.
Problem 36
Between 2000 and 2011 the average annual inflation rate was \(3 \%\). Find the salary in 2000 dollars that would be equivalent to a \(\$ 50,000\) salary in 2011.
Problem 37
Consider a CD paying a \(3 \%\) APR compounded monthly. (a) Find the periodic interest rate. (b) Find the future value of the CD if you invest \(\$ 1580\) for a term of three years.
Problem 38
Consider a CD paying a \(3.6 \%\) APR compounded monthly. (a) Find the periodic interest rate. (b) Find the future value of the CD if you invest \(\$ 3250\) for a term of four years.
Problem 41
Consider a CD paying a \(3 \%\) APR compounded continuously. Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 1580\) for a term of three years.
Problem 42
Consider a CD paying a \(3.6 \%\) APR compounded continuously. Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 3250\) for a term of four years.
Problem 43
Consider a CD paying a \(3 \%\) APR compounded continuously. Find the future value of the \(\mathrm{CD}\) if you invest \(\$ 1580\) for a term of 500 days. Round your answer to the nearest penny.
Problem 46
Suppose you invest \(\$ P\) on a CD paying \(1.85 \%\) interest compounded continuously for a term of five years. At the end of the term you get \(\$ 1645.37\) from the bank. Find the value of the original principal \(P\).
