Reference no: EM133495842
Questions
1. Brian's bank charges $3.50 per month for up to 15 transactions and $0.35 for each additional transaction. If Brian made a total of 23 transactions in a month, what would be the service charge for the month?
a. $2.80
b. $3.50
c. $6.30
d. $7.00
2. Brenda's bank charges $7.95 per month for up to 20 transactions and $0.60 for each additional transaction. If Brenda made a total of 37 transactions in a month, what would be the service charge for the month?
a. $7.95
b. $10.20
c. $18.15
d. $22.20
3. Determine the future value of $2500 that was deposited for the month of June in a daily interest savings account with interest paid at an annual rate of 0.95%, compounded daily.
a. $2501.95
b. $2502.02
c. $2519.59
d. $2520.25
4. Determine the future value of $4000 that was deposited for the months of September, October, and November in a daily interest savings account with interest paid at an annual rate of 1.25%, compounded daily.
a. $4012.34
b. $4012.62
c. $4012.48
d. $4013.02
5. Determine the future value of $900 that was deposited for the months of March, April, May, and June in a daily interest savings account with interest paid at an annual rate of 0.5%, compounded daily.
a. $900.49
b. $901.51
C. $915.09
d. $915.17
6. Determine the future value of $1800 that was deposited for one year in a daily interest savings account with interest paid at an annual rate of 2.5%, compounded daily.
a. $1821.16
b. $1833.40
c. $1845.52
d. $1845.56
7. Keira invests $20.00 per week in an RESP for her daughter. The federal government will contribute 20% of the investor's contribution up to a maximum of $400 per year. At the end of the first year, how much will Keira and the federal government combined have contributed to the RESP?
a. $400
b. $1040
c. $1248
d. $1440
8. A mutual fund has an average annual rate of return of 14.3% and each year charges 3% as a fee for managing the account. Suppose $2500 is invested for three years and yields $3495 after three years. What is the percentage return on investment over the term?
a. 11.3%
b. 28.5%
c. 39.8%
d. 71.5%
9. A mutual fund has an average annual rate of return of -3.4%. If the investment company's fees for managing the account are 3% per year, calculate the approximate value of a $3000 investment after one year, assuming annual compounding.
a. $2808
b. $2898
c. $2988
d. $3192
10. A mutual fund has an average of 15.6% annual return on investments. What will be the return on a three year investment of $5000 if interest is compounded quarterly and the average rate of return remains the same?
a. $5826.83
b. $7340.00
c. $7913.28
d. $10 746.84
11. A stock fund has an average of 19.2% annual return on investments. What will be the return on a two year investment of $3000 if the value is compounded annually and the average rate of return remains the same?
a. $3576.00
b. $4262.59
c. $4328.76
d. $5081.01