1. You deposited $3900.00 today in a saving account at a Bank that pays you 3% interest per year. How much money you will get at the end of the first year?

________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ You need $12900.00 for your tuition expenses in 5 years how much should you deposit today in a saving account that pays 3% per year? ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________

2. Youinvest$129.00todayat5%interestfor3years,ifinterestiscompounded under annually and semi-annually.

Annually: ________________________________________________________________________

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Semi-annually: ________________________________________________________________________

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3. How many years will it take for $138900.00 to grow to be $470900.00 if it is invested in an account with an annual interest rate of 8%?

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4. You plan to borrow $5001.00 now and repay it in 25 years as equal annual payments that will be made at the end of each year. If the annual interest rate is 43.00%, how much will your annual payments be?

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