Reference no: EM132801771
1- Katy invests $15,000 at 8% simple interest for 36 years.( Round your answers to the nearest cent.) 2-
How much interest is earned over the 36 year period?
How much is in the account at the end of the 36 year period?
What is the simple interest rate on a $1200 investment paying $356.40 interest in 11 years? (round to the nearest tenth of a percent)
3- Suppose you pay back $335 on a $325 loan you had for 105 days. What was your simple annual interest rate? State your result to the nearest hundredth of a percent.
4- Suppose you have $2600 in your savings account at the end of a certain period of time. You invested $1800 at a 4.25% simple annual interest rate. How long, in years, was your money invested? (State your result to the nearest hundredth of a year.)
5- How much should you invest at 4.1% simple interest in order to earn $55 interest in 3 months?
6- You deposit $400 in an account earning 2% interest compounded annually. How much will you have in the account in 20 years?
7- You deposit $4000 in an account earning 8% interest compounded monthly. How much will you have in the account in 15 years?
8- How much would you need to deposit in an account now in order to have $5000 in the account in 5 years? Assume the account earns 2% interest compounded quarterly. Round your answer to the nearest cent.
9- Garrett and Carissa have a new grandson. How much money should they invest now so that he will have $67,000 for his college education in 18 years? The money is invested at 2.55% compounded annually.
10- Rachael wants $9,000 saved in 2 years to make a down payment on a house. How much money should she invest now at 5.4% compounded monthly in order to meet her goal?
11- How much should be invested today at 4.6% compounded semiannually to have $10,000 in 8 years?
12- How much would you need to deposit in an account now in order to have $3000 in the account in 10 years? Assume the account earns 3% interest compounded monthly.
13-You deposit $1000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 15 years?