Answer each question correctly
Submit Answer 18. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.016. ASK YOUR TEACHER PRACTICE ANOTHER Calculate the amount of interest earned in 8 years on $14,000 deposited in an account paying 10% annual interest, compounded quarterly. (Round your answer to the nearest cent.) Need Help? Read It Watch It Submit Answer 19. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.018. ASK YOUR TEACHER PRACTICE ANOTHER Calculate the future value of $5,000 earning 9% interest compounded quarterly for 5 years. (Round your answer to two decimal places.) Need Help? Read It Watch It Submit Answer 20. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.023. ASK YOUR TEACHER PRACTICE ANOTHER You plan to retire in 35 years and would like to have $1,000,000 in investments. How much money would you have to invest today at a 9% annual interest rate compounded daily to reach your goal in 35 years? (Assume all years have 365 days. Round your answer to the nearest cent.) Need Help? Read it Watch It Submit Answer 21. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.021. ASK YOUR TEACHER PRACTICE ANOTHER A couple plans to save for their child's college education. What principal must be deposited by the parents when their child is born to have $36,000 when the child reaches the age of 18? Assume the money earns 8% interest compounded quarterly. (Round your answer to two decimal places.) Need Help? Read it Watch It Submit Answer 22. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.P.003. ASK YOUR TEACHER PRACTICE ANOTHER How much money (in dollars) should be invested in an account that earns 6% interest, compounded quarterly, to yield $10,000 in 3 years? (See Example 3 in this section. Round your answer to the nearest cent.) Need Help? Read It Watch It Submit Answer 23. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.005. ASK YOUR TEACHER PRACTICE ANOTHER How much money should be invested in an account that earns 7% interest compounded quarterly to yield $10,000 in 3 years? (Round your answer to the nearest cent. Need Help? Read it Watch It Submit Answer 24. [-/0.38 Points] DETAILS MY NOTES AUFQR1 4.2.006. ASK YOUR TEACHER PRACTICE ANOTHER How much money should you invest today into an account that earns an annual interest rate of 6% compounded monthly to have $13,000 in 4 years? (Round your answer to two decimal places.) Need Help? Read It Submit Answer 25. [-/0.38 Points] DETAILS MY NOTES ASK YOUR TEACHER A friend tells you that her savings account doubled in 8 years. Use the Rule of 72 to estimate what the APR of her account was. % Submit Answer 26. [-/0.5 Points] DETAILS MY NOTES ASK YOUR TEACHER Consider an investment of $6,000 at an APR of 2% compounded monthly. Use the formula that gives the exact doubling time to determine exactly how long it will take for the investment to double. years (ROUND TO ONE DECIMAL PLACE)
