Question
1. You deposit $429 in an interest-bearing bank deposit today. The interest rate is 14% per year. Interest is accrued yearly. How much money will
1. You deposit $429 in an interest-bearing bank deposit today. The interest rate is 14% per year. Interest is accrued yearly. How much money will you have after 7 years?
Enter your answer in terms of dollars, without the dollar sign or commas, and rounded to the nearest cent. That is, for example, if your answer is $ 1,628.8934, then enter 1628.89
2. You have a savings account, and you expect that in 4 years you'll have $9,737 saved in it. If the discount rate is 5%, what is the present value of that account?
Enter your answer in dollars, rounded to the nearest cent.
3. You will be paid $939 in year 8. How much would that amount be worth in terms of dollars in year 4? The interest rate is 4%, and compounding is annual.
Enter your answer in terms of dollars, rounded to the nearest cent, and without the dollar sign ('$'). So, for example, if your answer is $546.3456, then enter 546.35
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