Question
17. Mega-Mergers-R-Us State Bank pays 4% annual interest, compounded monthly, on savings accounts. If you deposit $10,000 into an account and make no further deposits
17. Mega-Mergers-R-Us State Bank pays 4% annual interest, compounded monthly, on savings accounts. If you deposit $10,000 into an account and make no further deposits or withdrawals, how much interest will you have earned in total after 5 years?
Question 17 options:
| $2,000.00 |
| $2,876.41 |
| $5,196.27 |
| $2,209.97 |
| $2,097.43
|
19. You want to buy a new TV in 2 years and you forecast you will need $2,000. You currently have saved up $300 and your bank account earns you 1% per month. How much do you need to add to your bank account every month in order to have enough money to buy your new TV in 2 years? If you win another $500 from a vaccine lottery today to use towards your TV, how many months will you need in total (starting from now) to buy the TV if you keep saving the monthly amount calculated in the previous question?
Question 19 options:
| $60.02, 16.33 months |
| $21.61, 53.29 months |
| $69.90, 16.33 months |
| $74.15, 35.20 months |
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