Question
Suppose you want $1,570 in your bank account by the time you graduate in 3 years. If your bank offers you 6% APR interest, how
Suppose you want $1,570 in your bank account by the time you graduate in 3 years. If your bank offers you 6% APR interest, how much would you have to deposit now to reach your goal? (Round the answer two decimal point)
Using the Rule of 72, approximately how long will it take to double your money if you invest it at 6% compounded annually? (Round your answer to two decimal point)
Suppose you plan to save $129 per week over the next 4 years. If you found a bank which will give you 11% APR, how much would you have in 4 years. (Round the answer two decimal point)
Suppose you want to create a "college fund" for your newborn child and plan to deposit $2,474 in a bank account at the end of each year for the next 7 years. If the account paid 12% interest per year, how much will be in the account at the end of the 7th year? (Round the answer two decimal point)
Suppose you plan to save $234 per month over the next 5 years. If you found a bank which will give you 2% APR, how much would you have in 5 years. (Round the answer two decimal point)
Suppose you want to give an "All expenses paid Cruise to Bahamas" as a gift to your parents on their 25th wedding anniversary. If that anniversary is 7 years from today and the cruise costs $4,605, how much would you have to deposit today to reach your goal, if your bank offers you 7% APR interest? (Round the answer two decimal point)
Using the Rule of 72, approximately how long will it take to double your money if you invest it at 5% compounded annually? (Round your answer to two decimal point)
Suppose you have been saving for the last 3 years to buy a new mountain bike. This year you will finally get to buy it. If you have been depositing $146 per month in a bank account which gives 9% APR. How much do you have now in your bank account? (Round the answer two decimal point)
Suppose you plan to deposit $1,374 in a bank account at the end of each year for the next 10 years. How much would be in that account at the end of the 10th year, if your deposits earned 15% interest each year? (Round the answer two decimal point)
Suppose for your 25th birthday you want to save up $1,610 to celebrate. If your 25th birthday is 2 years from now and your bank offers you 4% APR interest, how much would you have to deposit now to reach your goal? (Round the answer two decimal point)
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