Reference no: EM133004061
1.If you deposit $3,000 in a bank account that pays interest of 3.5%, compounded annually, how much will you have in the account after 9 years? Round to 2 decimal points:
2.If I deposit $3,000 in a bank account that pays simple interest of 3.5%, how much will I have in the account after 9 years? Round to 2 decimal points:
3.If you deposited $700 at 12% interest, what would you end up with at the end of 12 years if it was compounded annually? Round to 2 decimal points:
4.What would the present value be of $1,250 to be received 8 years from now discounted back at 3%? Round to 2 decimal points:
5.What is the accumulated sum of $450 a year for the next 10 years compounded annually at 5%? Round to 2 decimal points:
6.What is the present value of $35 a year for 4 years discounted back to the present at 4%? Round to 2 decimal points:
7.You need to have $37,500 to pay for your wedding in 7 years. How much do you need to deposit today in a bank that pays 6% interest, compounded annually, in order to achieve your goal?
8.You invested $50,000 5 years ago at 7.5% annual interest rate. If you invest an additional $1,500 a year, for 15 years at the same 7.5% annual rate, how much will you have 15 years from now?
9.Janet purchased a new house for $180,000, She paid $70,000 down and agreed to pay the rest over the next 30 years in 30 equal end-of-year payments, 4.25% compound interest on the unpaid balance. What will these equal payments be?
10.Janet purchased a new house for $180,000, She paid $70,000 down and agreed to pay the rest over the next 30 years in equal monthly payments, 4.25% compound interest on the unpaid balance. What will these equal payments be if we are paying each month?
11.Tara purchased a truck for $40,000, putting down 10%. She has agreed to pay the remaining balance over the next 10 years in 10 equal end-of-year payments, plus 8% compound interest on the unpaid balance. What will the equal payments be?
12.What is the difference between simple interest and compound interest?
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: 1.If you deposit $3,000 in a bank account that pays interest of 3.5%, compounded annually, how much will you have in the account after 9 years? Round to 2 decim
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