All about flooble | fun stuff | Get a free chatterbox | Free JavaScript | Avatars    
perplexus dot info

Home > Just Math
Consumer Mathematics - Compound Interest (Posted on 2006-10-04) Difficulty: 2 of 5
A boy invests a sum of $4000 on his 10th birthday in the year 1996, with an annual interest rate of 7%, compounded every six months. During some stage of the investment, the interest rate changes to an annual rate of 6%, still compounded every six months. On the boy's 18th birthday, the boy checks his account to see a sum of $6770. At what point in time did the interest rate change from 7% to 6%?

No Solution Yet Submitted by Chris, PhD    
Rating: 3.7500 (4 votes)

Comments: ( Back to comment list | You must be logged in to post comments.)
Some Thoughts I love to excel | Comment 1 of 5
Excel spread sheet gave me a drop in interest rates on the boy's birthday in 2002. He was 16 at the time, wondering why he didn't invest in Google when he was 12.
  Posted by Leming on 2006-10-04 10:35:13
Please log in:
Login:
Password:
Remember me:
Sign up! | Forgot password


Search:
Search body:
Forums (0)
Newest Problems
Random Problem
FAQ | About This Site
Site Statistics
New Comments (3)
Unsolved Problems
Top Rated Problems
This month's top
Most Commented On

Chatterbox:
Copyright © 2002 - 2017 by Animus Pactum Consulting. All rights reserved. Privacy Information