1. If you invest $20,000 at 3.5% interest, how much will you have in 5 years?

a.

$22,915.01

b.

$23,753.73

c.

$24,503.45

d.

$31,873.00

2. What is the effective rate of return of a nominal interest rate of 22.5 % compounded daily? (Use four decimals)

a.

25.2236

b.

26.3211

c.

27.8121

d.

23.1588

Clear my choice