13pts) Suppose that you plan to retire in 50 years. You put 1000 dollars in...
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13pts) Suppose that you plan to retire in 50 years. You put 1000 dollars in a bank account which earns a per period interest rate of 0.5%, and interest is compounded monthly. How much money will be in the account at the end of 45 years ($77 Round to the nearest dollar, and do not enter the dollar sign into the box Answer: 13pts) One share of Tesla stock has increased in value from 561/share in February 2019 to $4010 in February 2021. Suppose instead that an investor had taken her $61 and deposited it in a bank for two years. What bank interest rate would be required to earn the same profit as the investment in the Tesla stock? Ignore the effects of inflation in this problem Give your answer as a decimal (for example, 10% would be expressed as 0.10)
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