Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 27, Problem 2QCMC
To determine

Calculation of future value of money.

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Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73. How long did Hector wait to check his balance? A.  3 years B.  3.5 years C.  4 years D.  4.5 years
Which of the following has the highest future value?         A. $100 saved for 2 years at 10 percent interest   B. $130 saved for 2 years at 7 percent interest   C. $120 saved for 2 years at 8 percent interest   D. $110 saved for 2 years at 9 percent interest
In five years, you want to be able to buy a new car for $30,000. If the interest rate is 3 percent a year, what is the present value of this sum?     A. $30,000.00   B. $25,500.00   C. $25,878.26   D. $34,778.22
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