Bruce has a certificate of deposit that will be worth $$17,250$ at maturity. The market rate for CD$\text{'}$s like this is $8\mathrm{.}5\%$ with monthly compounding. If the CD is meant to mature $14$ years after purchase, what was the price Bruce paid for the CD$?$

Group of answer choices

$$5,269\mathrm{.}88$

$$5,505\mathrm{.}20$

$$1,232\mathrm{.}14$

$$5,313\mathrm{.}65$

Flag question: Question $2$

Question $20\mathrm{.}25$ pts

Peter will receive a trust fund payment eight years from now totaling $$45,000.$ Based on a discount rate of $10\mathrm{.}5\%,$ how much is the trust fund payment worth in today's dollars?

Group of answer choices

$$20,056\mathrm{.}87$

$$100,025\mathrm{.}50$

$$5,625\mathrm{.}00$

$$20,244\mathrm{.}84$

Flag question: Question $3$

Question $30\mathrm{.}25$ pts

Matt has some rare Lego sets that he has calculated will be worth $$16,000$ if he holds onto them for eight years. He also has a mutual fund that earns $11\mathrm{.}5\%$ interest, compounding monthly. Matt was just offered $$6,500$ for the sets today. What is the PV of the sets? Should he sell them today?

Group of answer choices

$$6,500\mathrm{.}00.$ Yes, sell today.

$$6,603\mathrm{.}08.$ No$,$ don't sell today.

$$6,404\mathrm{.}30.$ Yes, sell today.

$$6,697\mathrm{.}63.$ No$,$ don't sell today.

Flag question: Question $4$

Question $40\mathrm{.}25$ pts

Jason just found a mutual fund that promises an $11\mathrm{.}5\%$ rate of return. He wants to use it to develop a college fund for his kids. If he wants to have $$40,000,18$ years from now, how much money will Jason need to deposit today in the account?

Group of answer choices

$$2,222\mathrm{.}22$

$$5,637\mathrm{.}84$

$$283,796\mathrm{.}87$

$$5,962\mathrm{.}34$

Flag question: Question $5$

Question $50\mathrm{.}25$ pts

Thomas wants to have $$5,000$ six years from now to buy a car. He has an investment account that earns $7\%$ per year. How much would he have to deposit today, in order to have enough to buy the car?

Group of answer choices

$$833\mathrm{.}33$

$$3,331\mathrm{.}71$

$$7,503\mathrm{.}65$

$$3,325\mathrm{.}29$

Flag question: Question $6$

Question $60\mathrm{.}25$ pts

Cindy will receive a trust fund payment $10$ years from now totaling $$50,000.$ Based on a discount rate of $9\%,$ how much is the trust fund payment worth in today's dollars?

Group of answer choices

$$21,204\mathrm{.}88$

$$118,368\mathrm{.}18$

$$5,000\mathrm{.}00$

$$21,120\mathrm{.}54$

Flag question: Question $7$

Question $70\mathrm{.}25$ pts

Carol found a special savings account that promises a $9\mathrm{.}7\%$ rate of return with monthly compounding. She wants to use it to build a mission or college fund for her children. If she wants to have $$50,000$ in $15$ years, how much money will Carol need to deposit today in the account?

Group of answer choices

$$12,470\mathrm{.}12$

$$11,874\mathrm{.}40$

$$3,333\mathrm{.}33$

$$11,738\mathrm{.}48$

Flag question: Question $8$

Question $80\mathrm{.}25$ pts

Harry just inherited some commercial land he wants to sell. Buyer $1$ is offering $$1,000,000,$ but wants Harry to keep the land for seven years before they can pay him for the land. Buyer $2$ is offering $$460,000$ to buy the land today. Based on a $12\%$ discount rate, what is the present value of Buyer $1\text{'}$s offer? Which offer should Daniel take?

Group of answer choices

$$1,016,913\mathrm{.}45.$ Take offer $1.$

$$444,011\mathrm{.}96.$ Take offer $2.$

$$2,210,681\mathrm{.}41$

$$452,349\mathrm{.}22.$ Take offer $2.$

Flag question: Question $9$

Question $90\mathrm{.}25$ pts

Alfred will receive a payment $9$ years from now totaling $$10,500.$ Based on a discount rate of $9\mathrm{.}5\%,$ how much is the trust fund payment worth in today's dollars?

Group of answer choices

$$4,630\mathrm{.}60$

$$4,639\mathrm{.}40$

$$23,763\mathrm{.}83$

$$1,166\mathrm{.}67$

Flag question: Question $10$

Question $100\mathrm{.}25$ pts

Cameron wants to have $$15,000$ in nine years for a down payment on a house. He has an investment account that earns $8\%$ per year. How much would he have to invest today, in order to have enough to buy the car?

Group of answer choices

$$1,666\mathrm{.}67$

$$7,527\mathrm{.}99$

$$7,503\mathrm{.}73$

$$29,985\mathrm{.}07$