7. Suppose you know you will need $20,000 in eight years. How much should you put into an account paying 9.00% interest (compounding quarterly) so that you will have the $20,000 eight years from now?

8. Bernard deposits $16,000 in a savings account that compounds interest annually at an APR of 4%. Carla deposits $14,000 in an account that gives 5% compounded daily. Who will have more money after 5 years? Who will have more money after 20 years?

9. (Extra Credit challenge) If I want my $12,600 to grow to $20,000 in ten years, what interest rate do I need if the money is compounded monthly?

10. (super awesome challenge) How long will it take $10,000 to grow to $15,000 at 4% compounded monthly?

Suppose you know you will need $20,000 in eight years. How much should you put into an account paying 9.00% interest (compounding quarterly) so that you will have the $20,000 eight years from now? 7. Bernard deposits $16,000 in a savings account that compounds interest annually at an APR of49. Carla deposits $14,000 in an account that gives 5% compounded daily. Who will have more money after 5 years? Who will have more money after 20 years? 8, Bernard Carla (Extra Credit challenge) If I want my $12,600 to grow to $20,000 in ten years, what interest rate do I need if the money is compounded monthly? 9. 10, (super awesome challenge) How long will it take $10,000 to grow to Si 5,000 at 4% compounded monthly