20)

Lamont and Trinity have a new grandson. How much money should they invest now so that he will have $50,000 for his college education in 18 years? The money is invested at 6.85% compounded quarterly.

19 ) How much should be invested today at 6.5% compounded quarterly to have $10,000 in 16 years?

18) Tomi wants $6,000 saved in 2 years to make a down payment on a house. How much money should she invest now at 6.6% compounded semiannually in order to meet her goal?

17)How much should be invested now at 4.2% compounded semiannually to have $45,000 in 17 years?

16) You deposit$8,700 in an account earning3.5% interest compounded quarterly. How much will you have in the account after6 years?

(Note: Use =12for monthly compounding, =4for quarterly compounding,

=2for semiannual compounding, and =1 for annual compounding.)

15) You deposit $400 in an account earning 8% interest compounded annually. How much will you have in the account in 20 years?

(Note: Use =12for monthly compounding, =4 for quarterly compounding,=2

for semiannual compounding, and=1 for annual compounding.)

14) You deposit $5000 in an account earning 2% interest compounded monthly. How much will you have in the account in 10 years? (Note: Use=12for monthly compounding,=4 for quarterly compounding,=2

for semiannual compounding, and=1 for annual compounding.)

$

13) You deposit $7,500 in an account earning3.5% interest compounded quarterly. How much will you have in the account after10 years?

(Note: Use=12for monthly compounding, =4 for quarterly compounding,=2

for semiannual compound

12) You deposit$9,500 in an account earning5% interest compounded semiannually. How much will you have in the account after7 years?

(Note: Use=12 for monthly compounding,=4for quarterly compounding,=2for semiannual compounding, and=1for annual compounding.)

11)You deposit $400 in an account earning 7% interest compounded annually. How much will you have in the account in 10 years?

(Note: Use=12for monthly compounding, =4 for quarterly compounding,=2

for semiannual compounding, and=1 for annual compounding.)

10)You deposit

$2,400 in an account earning6% interest compounded semiannually. How much will you have in the account after10 years?

(Note: Use=12 for monthly compounding,=4 for quarterly compounding,=2

for semiannual compounding, and=1 for annual compounding.)