If you deposit $2,000 in a bank account that pays 6% interest annually, how much will be in your account after 5 years? a. Use the equation to solve the question. b. Use the Financial Calculator to solve the question. Write down your input and output in the table. Inputs N I/YR PV PMT FV Output

2. It is now January 1, 2016. Today you will deposit $1,000 into a savings account that pays 8%. If the bank compounds interest annually, how much will you have in your account on January 1, 2019? a. Use the equation to solve the question. b. Use the Financial Calculator to solve the question. Write down your input and output in the table. Inputs N I/YR PV PMT FV Output

3. What is the present value of a security that will pay $29,000 in 20 years if securities of equal risk pay 5% annually? a. Use the equation to solve the question. b. Use the Financial Calculator to solve the question. Write down your input and output in the table. Inputs N I/YR PV PMT FV Output

4. Your parents will retire in 19 years. They currently have $350,000 saved, and they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they dont save any additional funds? Inputs N I/YR PV PMT FV Output

5. If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money? (Hint: you may assume any initial deposit and you will notice that the amount deposited actually doesnt affect the length needed to double it.) Inputs N I/YR PV PMT FV