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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