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, Bank 1, $830.11 Bank 2, $882.19 Bank 2, $901 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 cam 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 now worth $358, 672 according to a recent market report for your neighborhood. What is the average annual rate of appreciation your home has experienced each year for the last 20 years (assume the rate has remained constant)? 5.76% 5.41% 4.70% 2.32% 3.60%