3. Find the future value at the end of 6 years of $100 invested today at an interest rate of 2 per cent a $310.42 b. $318.8 c. S328.96 d. $337.85 the interest rate, the the present value 16. For a given period, the a higher, bigger b. not sure c. lower, bigger d. lower, smaller 17. It takes about how many years for your initial $1,500 investment to get double if annual compound interest rate is 12962 a. 6 b. 7 c. 8 d. 9 18. Suppose you are offered an investment that will allow you to double your money in 6 years. You have $10,000 to invest. What is the implied rate of interest? a. 12.25% b. 13.5% c. 11.75% d. 15% 19. Mike just decided to save money each year for the next four years to help fund a new property. If it earned 10% on its savings, what does the savings worth today (NPV)? End of year: Amount Saved: $ 15.000 $ 20.000 $ 25,000 $ 30,000 2 3 a $69,439 b. $72,288 c. $83,569 d. $95,365 20. You are approved with a student loan for the 4-year college education to cover tuition $12,500 per semester. The interest charge for this commercial student loan is APR 6%. How much is your debt at the time when you graduate from college after 4 years? a $100,000 b. $108,250 c. $114,489 d. $125,323