1. If $100 is deposited today in an account paying 9 percent compound annual interest, how much will be in the account at the end of 4 years? (A) $70.84 (B) $141.16 (C) 323.97 (D) $457.31
1. If $100 is deposited today in an account paying 9 percent
(A) $70.84
(B) $141.16
(C) 323.97
(D) $457.31
2. If Bill deposits $8,000 today in an account that pays 3% compound annual interest, how long will it take for the account to reach $10,000?
(A) 3.77 years
(B) 4.58 years
(C) 6.12 years
(D) 7.55 years
3. How much money do you need to deposit today in a savings account earning 9 percent compound annual interest if your goal is to accumulate $10,000 at the end of 4 years.
(A) $3,086.71
(B) $7,084.25
(C) $7,721.83
(D) $14,115.82
4. John needs to accumulate $25,000 in a savings account over the next 5 years. He can make five annual deposits of $4,000 starting today. What compound annual
(A) 5.00%
(B) 6.12%
(C) 6.67%
(D) 7.53%
5. If $1,000 is deposited into a savings account at the beginning of each of the next 4 years starting today, how much money will be in the account 4 years from now if no withdrawals are made and the account earns 9 percent compound annual interest?
(A) $3,239.72
(B) $3,531.29
(C) $4,573.13
(D) $4,984.71
Step by step
Solved in 3 steps with 1 images
