Question 2 (1 point) You currently have $50,000 in a stock account. If the stock account earns a return of 8 percent per year over the next 40 years, how much will you have in the stock account when you retire in 40 years? None of the answers is correct $129,687.12 $2,262,962.78 $1,086,226.07 $22,129,627.78 Previous Page Next Page Page 2 of 50 MacBoc F1 F2 BO F3 000 000 F4 F5 Fe # $ % A 1 2 3 4 5 co Previous Page Next Page Page 2 of 50 Question 2 (1 point) You want to buy a condo 10 years from now, and you plan to save $10,000 each year, beginning immediately. Assume an annual interest rate of 3%, how much will you have saved 10 years from today? $100,000.00 O $118,077.96 $114,638.79 $89,077.71 None of the answers is correct Previous Page Next Page Page 2 of 50 05 Page 3 of 50 uestion 3 (1 point) You want to buy a car that costs $30,000. Since you did not save any money you have to finance the car. The car dealer offers you 5% (annual interest rate) over 5 years. What are your monthly payments? $386.66 None of the answers is correct $6,075.21 $500.00 $566.14 Previous Page Next Page Page 3 of 50 23 Previous Page Next Page Page 3 of 5C Question 3 (1 point) You invest at the end of each month 200 at 8.5% interest (monthly compounding). How much money would you have after 40 years? Round to the closes number. None of the answers is correct $807,730.47 O$96,000 $500,000 $1,222,325.09 Previous Page Next Page Page 3 of 50 SAP An 4 Question 4 (1 point) What is the future value of $121,900 invested today at 10% annual interest rate, compounded semi-annually for 25 years? $1,320,750 None of the answers is correto $1,348,002 $1,397,876 $1,331,366 Previous Page Next Page Page 4 of 50 Calamit si 23 Mac Question 4 (1 point) If a bank pays a 6% nominal annual interest rate, with daily (360 days) compounding, on its money market account, what effective annual rate does the bank pay? 6.59% O 7.25% None of the answers is correct 7.23% 6.18% Previous Page Next Page Page 4 of 50 Previous Page Next Page Page 5 Question 5 (1 point) You just borrowed $220,000 to buy a house. The mortgage calls for equal monthly payments at the end of each year. The loan is for 30 years at an APR 5 percent. How much of the first monthly payment will be used to reduce the principal balance? 14,311.32 199.10 264.34 None of the answers is correct 1,181.00 Previous Page Next Page Page 5 of 50 MacBc. F1 80 F3 F2 000 000 F4 F5 @ # 0/