You invested $1, 400 in two different banks. Bank 1 pays 5 percent simple interest whereas Bank 2 pays 5 percent compounded annually. If you plan to invest the money for 20 years which bank would you choose and how much more money would you earn? Bank 1, $749.22 Bank 1, $830.11 Bank 2, $882.19 Bank 2, $901.15 Bank 2, $914.62 You want to have $2, 225, 600 in your account when you so you can buy a boat and sail around the world. You currently only have $225,000 in your retirement account. You commit to adding $681 per month to your account until you retire. You can earn on average 5.25% (APR) in your account in how many years can you retire in order to have enough to buy the boat? 43.8 years 15 years 39.25 years 27 years 35 years you bought a house 20 years ago for $125,000 and it is now worth $358, 672 according to a recent market report for your neighborhood. What is the average annual rate of appreciation constant)? 5.76% 5.41% 4.70% 2.32% 3.60%