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Question 36 (2 points): You have invested $100,000 in an account that promises a 6 percent APY. Assuming you leave the original investment and all
Question 36 (2 points): You have invested $100,000 in an account that promises a 6 percent APY. Assuming you leave the original investment and all earned interest in the account, and ignoring taxes, estimate how long will it take to double your money? Question 32 (4 points): You plan on taking a REALLY long vacation, planning to live by a beach for two years and surfing. You estimate you need $5,000 a month for the 24 months to pay for this vacation with payments being made at the end of the month. If you can earn 8% on your funds, how much would you have to invest at the beginning of the vacation to fund this plan? Question 33 ( 2 points): Shelly spent an average of $500 each month on groceries last year for herself and her family. She is now forecasting the family budget for next year. She read that an inflation rate of 6.0% is expected. How much should Shelly budget for the monthly grocery expense next year? Question 34 (2 points): The local credit union pays interest of 3.0\% on amounts held in its savings accounts. Because Gwen does not trust banks, she chooses not to have a savings account, and instead keeps $10,000 in cash in her home safe. What is Gwen's annual opportunity cost of keeping her money at home instead of putting it in a savings account at the credit union? Question 35 (2 points): Citibank is offering a 5 -year CD at 3.85\% APY. If you invest $10,000, how much will you have when the CD matures? Question 37 (2 points): Ryan has $10,000 to invest, and he wishes to double his money in 9 years to pay for a vacation to celebrate his 20th anniversary. Approximately what APY would he require to reach his goal? Question 38 (3 points): When you buy a house in the future, you estimate you need to have $50,000 to make a down payment. You have $40,000 to invest today, if you can earn an APR of 3.6\% interest, compounded monthly, how many months will you need to wait until you achieve your goal
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