Maria invested $225,000 to purchase a home. After 15 years, he sold the home for $280,000….

Maria invested $225,000 to purchase a home. After 15 years, he sold the home for $280,000. Calculate the effective interest rate earned on this investment.

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A bank has decided to set its interest rates to compound monthly on all deposits in order to give customers the same benefits as its current offering of 3.25% compounded quarterly. At what value should the monthly compounded interest rate be set?

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Prisha heard that he could triple his money in 27 years if he invested it in his friend’s telecommunications business. What nominal interest rate compounded quarterly does the business offer?

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