3. Ben invested interest has Charles earned than Ben over the past 20 years? A. $0 1 $7.500 bventy years ago with an insurance company that has paid him percent simple interest on his furnds wenty years ago in a fund that has paid him6 percent interest, compounded annualy, How much more B. $6,827.04 C. $7,553.52 D. $7,109.16 E. S8,266.49 14. Travis invests $5,500 today into a retirement account. He expects to earn 9.2 percent, compounded annually, on his money for the next 13 years. After that, he wants to be more conservative, so only expects to earn 6 percent, compounded annually How much money will he have in his account when he retires 25 years from now, assuning this is the only deposit he makes into the account? A $29,411.20 B. $34,616.56 C. $34,747.80 D. $41,919.67 E. $42,003.12 years ago, you added an additional $1,000 to this account and 5.5 percent, com 15. Eleven years ago, you deposited $3,200 into an account. Seven You earned 9.2 percent, compounded annually, for the first 4 year How much money do you have in your account today? s and 5.5 percent, compounded annually, for the last 7 years. A $8,666.67 B. $7,717.29 C. $7,411.90 D. $8.708.15 E. $8,073.91 16. You just won $30,000 and deposited your winnings into an account that pays 3.9 percent interest, compounded annually How long will you have to wait untl your winnings are worth $75,000? A. 23.95 years B. 25.00 years C. 22.29 years D. 22.67 years E. 21.24 years 17. You want to have $40,000 for a down payment on a house 4 years from now. If you can earn 5.6 percent, compounded annually on your savings, how much do you need to deposit today to reach your goal? A. $34,420.73 B. $32, 166.54 C. $27,880.69 D $28,211.17 E. $30,886.40 18. Which statement is true? A. All else equal, an increase in the discount rate decreases the present value and increases the future value of an annuity B. All else equal, a decrease in the number of payments increases the future value of an annuity due. C. An annuity with payments at the beginning of each period is called an ordinary annuity. D. All else equal, an ordinary annuity is more valuable than an annuity due E. A//else equal, an increase in the number of annuity payments decreases the present value and increases the future value of an annuity