Problem 14

Mohamed deposited 2,500 in an account that pays 6% simple interest. How much money will he have at the end of 3 years?

The answer is:

Problem 15

What is the future value of 26 invested for 32 years at an average rate of return of 7%?

The answer is:

If interest is compounded quarterly, how much will you have in a bank account?

The answer is:

(a) If you deposit today. 8,000 at the end of 3 months, if the bank pays 5.0% APR?

The answer is:

(b) If you deposit today. 10,000 at the end of 6 months, if the bank pays 9.0% APR?

The answer is:

(c) If you deposit today. 80,000 at the end of 12 months, if the bank pays 8.0% APR?

The answer is:

(d) If you deposit today 5,000 at the end of 24 months, if the bank pays 5.0% APR and compound monthly?

The answer is: