b. $209.84 d. $240.27 14. Determine the annual interest rate for the loan below. Present Value Compounding Period Time Future Value $950 quarterly 25 years $1488.39 a. 0.45% C. 1.57% b. 1.15% d. 1.80% 15. Ty borrowed $6800 at 3.4%/a compounded semi-annually. He knows he will pay $7781.74 for the principal and interest at the end of the loan, but he cannot remember the length of the loan. How many years is Ty's loan? a. 2 years c. 6 years b. 4 years d. 8 years 16. Which formula can you use to find the future value of an annuity? a. simple interest c. arithmetic mean b. sum of a geometric series d. compound interest 17. Kenny invests $50 every week at 3%/a compounded monthly for 2 years. What is the total amount of Kenny's investments at the end of 2 years? a. $1235.14 c. $4814.40 b. $4800.00 d. $4940.5612. An investment is compounded semi-annually at 5.3%/a for 8 years. If its future value is $15 200, how much interest will it earn? a. $2869.75 c. $5197.69 b. $5144.20 d. $10 002.31 13. How much more is the present value of Product 1 than Product 2? Product Rate of Compound Compounding Time Future Value Interest per Year Period 4.5% semi-annually 3 years $10 000 2 5.4% annually 3 years $10 000 a. $90.00 c. $222.57 b. $209.84 d. $240.27