Question 1

A friend asks to borrow $4,500 from you and in return will pay you $5,750 in two years. If your bank is offering an annual interest rate of 4.1% on deposits, how much would you have in two years if you deposited the $4,500 instead? (Please provide the numeric answer to 2 decimal places.)

Question 2

Your grandma has offered to give you $15,000 in 14 years. If the interest rate is 6.0% per year, how much is this offer worth today? (Please provide the numeric answer to 2 decimal places.)

Question 3

Sophie has taken out a $19,000 loan that requires annual payments over five years. Payments are made at the end of each year. If the annual interest of the loan was 8.0%, what would be the annual loan payment? (Provide the numeric answer to 2 decimal places.)

Question 4

You deposited $1,800 in a saving account 10 years ago and it now has grown to $6,300. What annual rate of return have you earned? (Provide the numeric answer to 2 decimal places. For example, if your answer is 13.4% please enter 0.13 in the box