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How much will you have in the account after four years

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Q1. You plan to withdraw $9,000 from your bank account in 12 years and another $5,000 in 25 years. If your account earns 4% per year, how much will you have to deposit now to exactly cover your future withdrawals?

Q2. Suppose you invest $4,000 today in a bank account that earns interest at a rate of 6.75% per year. If you do not make any more investments and do not withdraw any money from the account, how much will you have in the account after 4 years?

Q3. How much would you have to invest today in order to have a total of $170,000 in 20 years if your investment account pays interest at a rate of 4.8% APR compounded quarterly?

Q4. You have invested $2,000 in a 5-year Certificate of Deposit (CD) with a quoted rate (APR) of 2.4 percent.

a) If the interest rate is compounded annually, will this CD be worth when it matures? What is the effective annual rate?

b) If the interest rate is compounded monthly, what will this CD be worth when it matures? What is the effective annual rate?

Reference no: EM132845984

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