On January 1, an insurance company has 115,000 which is due to Linden as a life insurance death benefit. He chooses to receive the benefit annually over a period of 13 years, with the first payment immediately. The benefit he receives is based on an effective interest rate of 8% per annum. The insurance company earns interest at an effective rate of 8.5% per annum. Every July 1, the 1.

"On his tax return this year, Steve reports $575 income from interest. Assuming an interest rate of about 4.6%, about how much does Steve have invested?"

A bank in Mississauga has a buying rate of ¥1 = C$0.01054. If the exchange rate is ¥1 = C$0.01074, calculate the rate of commission that the bank charges to buy currencies. % Round to two decimal places

A principal amount of 6,000 will be placed in a savings account. A simple interest account earns an annual percentage of 6.8%, while a compund interest account has an APR of 3.7% compunded quartely. Which account has a larger balance after 20 years?