Interest rate for $150 growing to $275 in 8 years

[sp00ky]

1. Determine the interest rate for a principal of $150 to amount to $275 in 8 years with interest compounded semi-annually.

2. Suppose you deposit $1000 in an investment account for one year at 6%. How much more money will you receice if the investment is:
compounded semi-annually instead of annually.

 

[courtrigrad]

Use the equation

I = P( 1 + r/n ) ^nt

 

[Gokul43201]

sp00ky, please read the posting rules for this section in the sticky at the top of the threads in this section.