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Interest rate would he need to earn

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1. Find the future value of $8,500 at 9.31% compounded annually in 20 years. Show your work.

2. How much would you need to deposit today at 5.35% compounded monthly in order to have $10,000 in your account 15 years from now? Show your work.

3. If you deposit $6,350 at 6% compounded quarterly for 12 years, how much total interest will you earn? Show your work. $12,000 was invested at 7% compounded daily for 10 years. How much more interest would have been earned if the interest had instead been compounded continuously? Show your work.

4. At which of the following banks would you earn the most interest? Justify your answer and show your work.

5. The interest on my bank account compounds daily. I don't remember the nominal rate, but the effective rate is 3.29%. If I have $5,000 in this account and make no further deposits or withdrawals, and the interest rate does not change, how much money will I have in the account in 4 years?

6. Luis has $250,000 in his retirement account. Assuming he makes no withdrawals or deposits, what interest rate would he need to earn in order to have this account grow to $1,000,000 by the time he retires 18 years from now? Use the Rule of 72 to find an approximate answer. Show your work.

7. If Jenna has $18,000 in an investment account that earns 9% compounded daily, how long will it take for her account to grow to $100,000? Assume she makes no deposits or withdrawals. Show your work.

Reference no: EM131541977

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