BAWA T3 RQ - 1-6

QUESTION 1:

NoraOretega's savings account has a balance of $982. After 9 years, what will the amount of interest be at 6% compoundedsemiannually? Round to the nearest cent.

QUESTION 2:

Carla Smith had $6,500 in her savings account on May 1. She then deposited$500 on May 31 and$1,000 on June 15. Find the balance in the account on August 15. Assume 3.5% interest compounded daily.

QUESTION 3:

A local business deposited $930,000 in a2-year time deposit earning4% compounded daily. Atmaturity, what is the compound amount and interestearned? Round to the nearest cent.

QUESTION 4:

Find the interest rate paid if a deposit of $25,300.00 grows to $32,188.67 in 3.5 years, with interest compounded semiannually. Round interest to the nearest percent and time to the nearest period.

QUESTION 5:

Barbara knows that she will need to buy a new car in 3 years. The car will cost$15,000 by then. How much should she invest now at 8%, compoundedquarterly, so that she will have enough to buy a newcar? Round answers to the nearest cent.

QUESTION 6:

Use an annuity table to solve the problem. Round to the nearest cent.

If Bob deposits$5,000 at the end of each year for 13 years in an account paying 12% interest compoundedannually, find the amount he will have on deposit.