Financial Applications

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.

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?

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.

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?

Steve deposits $835 into an account that earns 8.25% per year, compounded annually. How much interest will have been earned after 5 years?

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?

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?

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?

Match it! Select the correct answer from the pull down...Good luck!