1. Suppose that you deposit $50 per week for the next five years. If your bank account pays annual interest of 3% compounded weekly, how much money would you have after five years?
2. Suppose that you have 40,000 today, and want to live off of it for two years. You can make 3% interest compounded yearly. What amount of money can you afford to take out each month?
3. What is the future value of $508,000 invested at 7% compounded quarterly for twenty years?
4. Hayden wants to buy a new car in two years and will need $27,000 for the purchase. If Hayden can earn 8% interest compounded annually, what amount does Hayden need to invest per month to be able to buy the car?
5. Harper borrowed $10,800 from Frack and agreed to make 11 quarterly payments of $1,000 each, plus one other payment if required. The interest of 8% is compounded three times year. How much is the twelfth payment?