SECTION A: MULTIPLE CHOICE QUESTIONS (30 points) 1. Assume Jennifer deposits $20,000 in a high yield bank account that pays depositors interest at a rate of 4% per year, compounded semi-annually. How mucnwM Jennifer have on her account after 5 years assuming she does not withdraw any amount before 5 years elapse? 2 a. $24,333.06 b. $22,037.62 c. $24,379.89 d. $29,604.89 2. Brittany requires $300,000 in ten years' time to purchase a new home. What amo 2 must she invest today in an investment that earns 3% interest, compoun annually? a. $223,228.17 b. $403,174.91 C. $222,741.13 d. $405,325.50 2 race and Mike want to begin saving for their child's college educati estimate that they will need $100,000 in twenty years' time. If they earn 6% per year on a savings account, how much should they de d of each of the next twenty years to fund the child's education? $3,718.46 $2,718.46 $8,718.46 $4,718.46 amount should be recorded as the cost of a machine purch 1 uhich is tn he financed by making 10 yearly payment