ASK YOUR TEACHER PRACTICE ANOTHER 9. [O/1.5 Points] DETAILS PREVIOUS ANSWERS MY NOTES Suppose you bought a three-year CD for $20,000 with an APR of 3.92% compounded quarterly. Determine the amount of interest you will have earned when the CD matures? Round your answer to the nearest cent. $X 10. [-/1.5 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You want to save $12,000 for a down payment on a home by making regular monthly deposits over four years. Take the APR to be 5.7% How much money do you need to deposit each month? (Round your answer to the nearest cent.) $ 1 per month 11. [-/1.5 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The parents of a 3-year old child decide they need to start saving for their child's college fund. They want to have $18,000 in the fund in 15 years. The fund has an APA of 3.3%. What monthly deposit is required? Round your answer to the nearest cent. $ per month 12. [O/1.5 Points] DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Suppose you want to save in order to purchase a new car. Take the APR to be 4.8% If you deposit $200 each month, how much will you have toward the purchase of a car after two years? (Round your answer to the nearest cent.) $ Submit Answer 13. [-/1.5 Points) DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Assume that you have $2000 to invest for 5 years. You could purchase a 5-year CD with a guaranteed interest rate of 2.5% compounded monthly. On the other hand, if you are willing to face the risk of actually losing your money, you could invest it in the stock market which has an historical return rate at about 6.5% per year. Think of this as investing your money in a non-guaranteed account that pays 6.5% APR compounded annually. With the specific interest rates quoted, how much more interest could you potentially earn by putting your money in the stock market for 5 years instead of in the CD? Round your answer to the nearest whole dollar. $