1. If you invest $23,000 at 11 % interest, how much will you have in 12 years? round FV factor to 3 decimal places

a. $29,578 b. 6,578 c. 80,454 d. 135,226

2. how much must you invest at 10 % interest in order to see your investment grow to $24,000 in 12 years?

a. 7,022 b. 7,656 c. 7,057 d. none of these

3. Mr. Blochirt is creating a college investment fund for his daughter. He will put $25,000 per year for the next 14 years and expects to earn a 9 % annual rate of return. How much money will his daughter have when she starts college?

a. 638,449 b. 639,462 c. 651,202 d. 650,475