Answer each question correctly
11. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.012.MI. ASK YOUR TEACHER PRACTICE ANOTHER A retired couple has a fixed income of $3,300 per month. Assuming an annual inflation rate of 9% (compounded annually), what is the purchasing power (in dollars) of their monthly income in 5 years? (Round your answer to the nearest cent.) per month Need Help? Read it Master It Submit Answer 12. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.013. ASK YOUR TEACHER PRACTICE ANOTHER The consumer price index for selected years is shown in the following table. Year CP Year CPI 2017 245.168 2013 232.957 2016 240.008 2012 229.594 2015 237.017 2011 224.939 2014 236.736 2010 218.056 Using the table, find the inflation rate between 2012 and 2014. Round to the nearest tenth of a percent. Need Help? Read It Submit Answer 13. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.007. ASK YOUR TEACHER PRACTICE ANOTHER The consumer price index for selected years is shown in the following table. Year CP Year CPI 2017 245.168 2013 232.957 2016 240.008 2012 229.594 2015 237.017 2011 224.939 2014 236.736 2010 218.056 Suppose Lois's salary in 2010 was $54,000, $59,000 in 2014, and $66,000 in 2016. Using the values of the CPI from the table, find her salaries in constant 2015 dollars. (Round your answers to the nearest cent.) $54,000 2015 dollars $59,000 2015 dollars $66,000 2015 dollars Need Help? Read It Submit Answer 14. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.P.001. ASK YOUR TEACHER PRACTICE ANOTHER Use 365 for the number of days in a year. Calculate the future value (in dollars) of $1,350 deposited into an account earning an annual simple interest rate of 6% compounded daily after 4 years. (See Example 1 in this section. Round your answer to the nearest cent.) Need Help? Read It Watch It Submit Answer 15. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.P.002. ASK YOUR TEACHER PRACTICE ANOTHER A business analyst deposited $50,000 into an account earning an annual interest rate of 5.4% compounded monthly. If the analyst leaves the money in the account for 2 years, how much interest (in dollars) is earned on the account? (See Example 2 in this section. Round your answer to the nearest cent.) Need Help? Read it Watch It Submit Answer 16. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.002. ASK YOUR TEACHER PRACTICE ANOTHER Monika invests in a real estate project that earns 6.1% compounded semiannually. If her initial deposit is $10,000, how much interest will she earn if she keeps the investment for 9 years? (Round your answer to the nearest cent.) Need Help? Read It Submit Answer 17. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.003. ASK YOUR TEACHER PRACTICE ANOTHER A deposit of $30,000 is placed in a scholarship fund that earns an annual interest rate of 2.25% compounded daily. Find the value (in dollars) of the account after 2 years. (Assume all years have 365 days. Round your answer to the nearest cent.) Need Help
