a.)Use the “rule of 72” to estimate the doubling time (in years)
for the interest rate, and then calculate it exactly. (Round your
answers to two decimal places.) 9% compounded annually. “rule of
72” yr exact answer yr b.)Find the effective rate of the compound interest rate or
investment. (Round your answer to two decimal places.) 15%
compounded monthly. [Note: This rate is a typical credit card
interest rate, often stated as 1.3% per month.] c.)You have just received $185,000 from the estate of a
long-lost rich uncle. If you invest all your inheritance in a
tax-free bond fund earning 6.2% compounded quarterly, how long do
you have to wait to become a millionaire? (Round your answer to two
decimal places.) d.)You have just won $150,000 from a lottery. If you invest all
this amount in a tax-free money market fund earning 6% compounded
weekly, how long do you have to wait to become a millionaire?
(Round your answer to two decimal places.)