At SIMPLE interest, if you invest $10,000 now and earn 5% a year for 10 years, your total investment amount then (principal plus interest) will be Not enough info to solve $10,500 $15,000 $15,555 $12,250 Question 3 (4 points) You can invest your money at a rate of 7% per year. At this rate it will take you just years to double your money. Use the Rule of 72 to determine your answer. over 5.5 . 4 10 There is not enough information to answer this question. Question 4 (4 points) You intend to buy a vacation home in seven years and plan to have saved $50,000 for a down payment. How much money would you have to place today into an investment that earns 8% per year to have enough for your desired down payment? Question 5 (4 points) Your aunt places $13,000 into an account earning an interest rate of 7% per year. After 5 years the account will be valued at $18,233.17. Which of the following statements is correct? The future value is $13,000, the time period is 5 years, the principal is $18,233.17, and the interest rate is 7%. The present value is $13,000, the time period is 7 years, the present value is $18,233.17, and the interest rate is 5%. The principal is $13,000, the time period is 7 years, the future value is $18,233.17, and the interest rate is 5%. The principal is $13,000, the time period is 5 years, the future value is $18.233.17, and the interest rate is 7%. Question 6 (4 points) What approximate rate of interest was earned annually if it took 9 years to double the money you invested? 11% 10% 996 8%