11. You have just made your first $3,000 contribution to your individual retirement account. Assuming you earn a 9 percent rate of return and make no additional contributions, what will your account be worth when you retire in 35 years? What if you wait for 5 years before contributing?

Group of answer choices

$48,507.26; $42,614.08

$57,311.20; $39,803.04

$57,311.20; $42,614.08

$61,241.90; $39,803.04

$61,241.90; $42.614.08

12.

Second Union Bank pays 10 percent simple interest on its savings account balances, whereas Third Street Bank pays 10 percent compounded annually. If you made a $100,000 deposit in each bank, how much more money would you earn from your Third Street Bank account at the end of 10 years?

Group of answer choices

$59,374.25

$90,625.75

$159,374.25

$190,625.75

$259,374.25

13.

Which of the following describes the most common bank loan?

Group of answer choices

The bank loan is compounded monthly and quoted to the lender using the monthly periodic rate.

The bank loan is compounded annually and quoted to the lender using the monthly periodic rate.

The bank loan is compounded monthly and quoted to the lender using the effective annual rate.

The bank loan is compounded annually and quoted to the lender using the effective annual rate.

The bank loan is compounded monthly and quoted to the lender using the annual periodic rate.