FUTURE VALUE

Question $1$

How much will an investment of RM$5,000$ made now, at an interest rate of $10\%,$ be worth in six years$$ time?

Question $2$

You decide you want your child to be a millionaire. You have a son today and you deposit $$10,000$ in an investment account that earns $7\%$ per year. The money in the account will be distributed to your son whenever the total reaches $$1,500,000.$ How old will your son be when he gets the money $($rounded to the nearest year$)?$

Question $3$

At what rate must $$287\mathrm{.}50$ be compounded annually for it to grow to $$650\mathrm{.}01$ in$14$years?

Question $4$

Your son is born today and you want to make him a millionaire by the time he is $50$years old. You deposit $$10,700$ in an investment account and want to know what annual interest rate must you earn in order to have the account value equal to$$1,000,000$ on your son$$s $50$th birthday