7. How long will it take 1, 000 to earn 500 interest if the money is earning at 16% converted semiannually? a. 5.11 years 8. What is the amount of an ordinary annuity of 250 each quarter payable for 5...

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Extracted text: 7. How long will it take 1, 000 to earn 500 interest if the money is earning at 16% converted semiannually? a. 5.11 years 8. What is the amount of an ordinary annuity of 250 each quarter payable for 5 years and 9 months, if the money is worth 12% compounded quarterly? a. 8, 113.22 b. 2.63 years c. 3. 12 years d. 4. 13 years b. 7, 544.12 c. 9, 334.72 d. 6, 992.14