QUESTION $6$

I have $$10,000$ today to invest and I would like to double my money. If the interest rate is $7\%,$ compounded annually, how long it take to double my money?

$11\mathrm{.}34$ years

$8\mathrm{.}25$ years

$7\mathrm{.}2$ years

$10\mathrm{.}24$ years

Cannot be determined

QUESTION $7$

You expect to receive $$1,000$ at the end of each of the next $3$ years. You will deposit these payments into an account which pays $10$ percent compounded annually. What is the future value of these payments, that is$,$ the value at the end of the third year?

$$3,000\mathrm{.}00$

$$3,310\mathrm{.}00$

$$3,318\mathrm{.}01$

$$3,400\mathrm{.}96$

$$3,438\mathrm{.}27$