15) Find the present value for the given future amount. Round to the nearest cent 15) A-$19,200, 9 years recompounded annually A) 512.046 32 B) S11,36445 S5.55 D) $32.438.00 19) A $90007 years t=4 compounded semiannually A) 56820.88 D) $2179.12 C) 11.875,31 D) 5650926 20) 20) A = 53300, 11 years To compounded quarterly A) $1586.01 B) 56353.60 C) $171399 D) 51736:40 Find the effective annual interest rate for the given nominal annual interest rate. Round your answers to the nearest 0.01%. 21) 4% compounded semiannually A) 4.07 B) 4,04% C) 406 D) 4.00% 21) 22) 22)5% compounded quarterly A) 5.06% B) 5.00% C) 5.12% D) 5.09 23) 23) 4.1% compounded monthly A) 4.18% B) 0.34% C) 0.04% D) 104.18% ) 24) 24) 4.8% compounded daily (assume 365 days per year) A) 0.05 B) 0.01% C) 4.92 D) 104.92% 25) Solve the problem 25) S4094 is deposited into a savings account at 1% interest, compounded annually. To the nearest year, how long will it take for the account balance to reach $1,000,000? B) 774 years C) 553 years A) 497 years D) 387 years 26.B 26) Use the rule of 70 to estimate the years to double for an annual inflation rate of 6% A) 11 years D) 9 years (B) 12 years C) 14 years TUIG 2 11.077 12 yrs 3 27) 27) Use the rule of 70 to estimate the annual inflation rate (to the nearest tenth of a percent) that would cause the general level of prices to double in 27 years. A) 3% B) 2.4% C) 26% Top 28) Ellen invests her money in a savings account which compounds interest quarterly and which gives an effective annual yield of 2.22%. What is the nominal rate? A) 2.24% B) 2.2196 C) 2.19% D) 2.206 D) 2.9% 28) 29) Miguel invests his money in a savings account which gives an effective annual yield of 2.14%. The nominal rate is 2.12% How often does compounding occur - daily, monthly, quarterly, or semiannually? A) monthly B) semiannually quarterly D) daily 29) 30) Use the inflation proportion to estimate the 2017 price of a jacket which costs $280 in 2005. Assume that the price increased at the average annual rate shown in the table below. Round your answer to the nearest dollar. 30) 3.4 Consumer Price Index* (Selected Years) Average % Change in Year CPI-U CPI-U 1980 82.4 13.5 1985 107.6 3.6 1990 130.7 5.4 1995 152.4 2.8 2000 172.2 2005 195.3 3.4 2010 218.1 16 2015 237.0 0.1 2016 240.0 1.3 2017 245.1 Data from Bureau of Labor Statistics. The period 1982 to 1984: 100 A) $362 B) S357 2.1 C) $380 D) $351