6. On Sally’s 12 th birthday, her parents invest on her behalf an amount of $3,000 into an account that pays interest of 3% per annum, compounded semi-annually.

6. On Sally’s 12^th birthday, her parents invest on her behalf an amount of $3,000 into an account that pays interest of 3% per annum, compounded semi-annually.  How much will the account be worth on Sally’s 21^st birthday.

 

 

and 

 

8,.

The amount of $1,000 has amounted to $1,460 in 20 years with interest compounded quarterly.  What annual rate of compound interest was used?

 

 

 

and 

 

 

1. Find how long it will take for $800 to amount to $1,500 if interest is at 5% per annum compounded quarterly.