Question
1. You are going to deposit $3,400 in an account that pays .40 percent interest compounded monthly. How much will you have in 5 years?
1. You are going to deposit $3,400 in an account that pays .40 percent interest compounded monthly. How much will you have in 5 years?
a. $4,320.18
b. $4,337.46
c. $4,298.19
d. $4,324.50
e. $4,302.97
2. Your bank will pay you an interest rate of .102 percent per week. You want to have $22,500 in 10 years. How much will you have to deposit today? Assume 52 weeks per year.
a. $13,418.45
b. $13,419.42
c. $13,536.16
d. $21,338.27
e. $13,241.89
3. You are going to deposit $2,700 in an account that pays .53 percent interest compounded quarterly. How much will you have in 7 years?
a. $3,114.20
b. $3,130.71
c. $3,134.19
d. $3,127.08
e. $3,147.30
3. You want to have $92,000 in 18 years to help your child attend college. If you can earn an annual interest rate of 4.8 percent, how much will you have to deposit today?
a. $34,501.45
b. $17,829.65
c. $37,750.57
d. $36,314.26
e. $39,562.59
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