13. Jack has now $1,000. How much would he have after 6 years if he leaves it invested at 5.5% with annual compounding?

A. $1,378.84

B. $1,622.20

C. $1,654.95

D. $1,678.84

E. None of the above.

14. George is 45 years old. He is planning to have $1,000,000 when he retires at 65. He decided to start saving deposits at the beginning of each year at the National Bank at a rate of 6%, compounded annually. What must his annual deposit be to reach his goal?

A. $50,000.00

B. $27,184.56

C. $25,645.82

D. $114,369.11

E. None of the above.

15. You plan to invest in bonds that pay 4.0%, compounded annually. If you invest $20,000 today, how many years will it take for your investment to grow to $30,000?

A. 5.37.

B. 7.74.

C. 8.27.

D. 10.34.

E. None of the above.

16. At a rate of 6.5%, what is the future value of the following cash flow stream? Year 0: $0, Year 1: $75, Year 2: $225, Year 3: $0, Year 4: $300.

A. $526.01.

B. $553.69.

C. $582.83.

D. $645.80.

E. None of the above.