Reference no: EM132558508
Questions -
Q1. Suppose that you want to have a $90,000 retirement fund after 35 years. How much will you need to deposit now if you can obtain an APR of 14.2%, compounded daily? Assume that no additional deposits are to be made to the account.
a. $624.88
b. $625.49
c. $642.38
d. $862.8
Q2. Suppose that you have 15 months in which to save $1800 for a vacation cruise. If you can earn an APR of 3.7%, compounded monthly, how much should you deposit at the end of each month?
a. $117.43
b. $121.78
c. $124.84
d. $132.47
Q3. Your savings account pays an APR of 4.3%, compounded annually. If you deposit $500 at the end of each year for 8 years, what will be the accumulated balance in the account?
a. $3325.06
b. $3672.18
c. $4656.65
d. $5023.75
Q4. Suppose you want your daughter's college fund to contain $125,000 after 14 years. If you can get an APR of 7.8%, compounded monthly, how much should you deposit at the end of each month?
a. $398.54
b. $406.64
c. $412.50
d. $476.83
Q5. Suppose that you invest $18,000 in an account that earns interest at an APR of 3.7%, compounded annually. Determine the accumulated balance after 6 years.
a. $22,474.03
b. $22,466.61
c. $22,451.36
d. $22,384.38