# 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. |
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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? |
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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? |
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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. |
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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. |
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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? |
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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 |
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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? |
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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? |
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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? |
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a) $7031.73 | b) $6203.56 | c) $9801.67 | d) $11,247.89 | |

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