Question

1. How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly?

____ years (round to nearest year).

2. For services​ rendered, an attorney accepts a 120-day note for $6,000 at a 8% simple interest from a client.​ (Both interest and principal are repaid at the end of 120 days.) Wishing to use her money​ sooner, the attorney sells the note to a third party for $6,060 after 30 days. What annual interest rate will the third party receive for the​ investment?

The third party will receive an annual interest rate of _____ % (two decimals.)

Answer 1

1.
Interest per period = 7%/12 = 0.5833%
$23000 = $3000 x (1.005833)^t

t = approx 350 months
Years = 29 years

As per HOMEWORKLIB RULES we are suppose to answer 1 question, i have answered 1, so kindly post other questions separately