Question
1. Michelle deposits $350 today into a bank account. If the account earns 6% annually, how much will he have at the end of 10
1. Michelle deposits $350 today into a bank account. If the account earns 6% annually, how much will he have at the end of 10 years?
A) $195
B) $627
C) $5240
D) $4613
2. Dorothy plans to retire in 45 years. If she saves $7400 per year and earns 8.0% interest, compounded annually, approximately how much money will she have in her account when she retires?
A) $2.9 million
B) $1.9 million
C) $5000000
D) $2100000
3. Assess Jamess personal finances using the following balance sheet information.
Assets | Debts | |||||
---|---|---|---|---|---|---|
Bank accounts | $2,000 | Current bills | $1,500 | |||
Car | 5,000 | Student loan | 11,000 | |||
Personal assets | 2,000 | Car loan | 3,700 |
(a)
What is Jamess net worth? (Enter negative amount using either a negative sign preceding the number e.g. -45.)
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