Name: ________________________ Date: ________________________________

MCF3M : PAIN Formula
Determining i and n Homework

1) Solve for n
a) (1.05)n = 2		b) (1.0235)n = 1.61	c) 500(1.03)n = 1200 

2) Solve for i
a) 2 = (1+i)4		b) 1.81 = (1+i)10	c) 18000 = 13250(1+i)6

3) Steven has found a great investment that pays out 10.4%, compounded weekly.  If he turned $1000 into $1400 using this method, how many weeks did he save this money for?

4) J.P. has been bragging that his investments went from $2000 to $2300 in the past 16 months.  If this is true, what interest rate was he able to invest at?  (Hint: remember that the interest rate that you find will be for each month and that all interest rates are described per year)

5) Erick has a goal of having $1 000 000 dollars when she retires.  If she is 16 today, and will retire at age 65, and she has $10 000 today, what annual interest rate must she obtain to make this happen?