# Financial Applications: Question Preview (ID: 8044)

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 Heather deposits \$200 per week for 20 years into an account that earns 2.6% annual interest, compounded weekly. Find the amount of the annuity, and the amount of interest earned. a) \$271,789.92; \$73, 523.29 b) \$272,723.63; \$64,723.63 c) \$304, 879.28; \$93,529.20 d) \$311,942.21; \$98,202.24 Niki needs \$5200 for university tuition in 2 years. She makes deposits into an account that earns 6.5% per year, compounded bi-weekly. How much should she deposit every 2 weeks? a) \$98.43 b) \$92.47 c) \$90.01 d) \$93.77 Suki wants to withdraw \$800 per month for the next 20 years. The interest in her account is 6.25% per year, compounded monthly. How much must Suki deposit today to finance this? a) \$109,449.87 b) \$103,594.29 c) \$98,999.23 d) \$87,378.87 The future value of a \$200 deposit in an account that earns 6.25% annual interest is \$272.71 after 5 years. Determine the compounding period for this investment. a) annually b) semi-annually c) quarterly d) weekly Marko deposits \$400 into an account at the end of every month for 8 years. Interest is earned at 5.5%, compounded monthly. Find the amount of both the annuity and interest earned. a) \$42,738.55; \$8,345.28 b) \$48,100.11; \$9,700.11 c) \$52,456.22; \$10,200.23 d) \$44,629.10; \$8,789.92 Yuri deposits \$850 into an account that earns 6.25% per year simple interest. How long will it take for the amount in this account to reach \$1000? a) 3 years, 2 months b) 2 years, 5 months c) 1 year, 9 months d) 2 years, 10 months An account with an initial value of \$1000 earns 3% interest per year, compounded semi-annually. The shape of the graph of amount versus time is a) linear b) parabolic c) cubic d) exponential Steve deposits \$835 into an account that earns 8.25% per year, compounded annually. How much interest will have been earned after 5 years? a) \$406.15 b) \$410.76 c) \$401.11 d) \$415.67 Five years ago, money was invested at 7% per year, compounded annually. Today the investment is worth \$441.28. How much interest was earned on the original investment? a) \$78.35 b) \$107.29 c) \$126.65 d) \$153.39 Wayne is 16 years old. To become a millionaire by the time he is 50 years old, how much does Wayne need to invest, semi-annually, at 4% per year compounded semi-annually? a) \$7031.73 b) \$6203.56 c) \$9801.67 d) \$11,247.89
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