Q 2 please Choose the correct answers for the following questions:1. Calculate the final amount in a bank account after 2 years if $1000 is deposited at 6% per yearinterest compounded quarterly.500120mvongB) $1136A) $1126C) $1226D) $112602. Jan decides to invest $9,000 in a 401(k). If this is invested for 40 years, how much will there be inthe account at the end? Assume that he invests in a broad stock market no-load index fund that hashistorically returned 12% per year.B) $877,458.73A) $537,458.73C) $837,458.73D) $837,968.733. Jeff opens a charge card account with a department store. In the charge account agreement, thestore indicated it charges 1.5% each month on the unpaid balance. What nominal annual interestrate is being charged?B) 18%A) 8%C) 16%D) 14%4. Sue opens a charge card account with a department store. In the charge account agreement, thestore indicated it charges 2% each month on the unpaid balance. If the nominal annual interest rateis being charged is %24, what is the effective annual interest rate?B) 20.82%A) 19.82%C) 16.82%5. The basic requirement(s) that must be met for an asset to be depreciated?A) It must be used in business or held for production of income.B) It must have a definite service life, and that life must be longer than 1 year.C) It must be something that wears out, decays, gets used up, becomes obsolete, or loses value fromnatural causes.D) 26.82%D) All of the mentioned.6. How long would it take for an investment to triple if the interest rate is 10% compoundedannually?A) n = 13 yearsB) n = 1.53 yearsC) n = 12.53 yearsD) n=11.53 years7. An asset purchased for $50,000 is to be depreciated over 5 years using the straight-line method.Salvage value is $10,000. Its book value after 3 years is:nasy?YA) $24.000B) $26.000C) $25.500D) $25.000

Receiving interest on both the initial principal (first deposit) and any interest that has…

2. Jan decides to invest $9,000 in a 401(k). If this is invested for 40 years, how much will there be in the account at the end? Assume that he invests in a broad stock market no-load index fund that has historically returned 12% per year. 637 458.73 B) $877,458.73 C) $837,458.73 72 (0) D) $837,968.73