question 4

If you deposit money today in an account that pays 3% annual interest, how long will it take to double your money? Round your answer to two decimal places.

question 5

You have $25,387.31 in a brokerage account, and you plan to deposit an additional $6,000 at the end of every future year until your account totals $290,000. You expect to earn 11% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

question 6

What's the future value of a 5%, 5-year ordinary annuity that pays $300 each year? If this was an annuity due, what would its future value be? Do not round intermediate calculations. Round your answers to the nearest cent.

Future Value of an Ordinary Annuity: $

Future Value of an Annuity Due: $