Opened investment account

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Reference no: EM132006534

1. When you were born, your parents opened an investment account in your name and deposited $15,000 into the account. The account has earned an average annual rate of return of 12 percent. Today, the account is valued at $115,349.49. How old are you?

2. You recently bought a car at a price of $28,000, to pay in monthly payments of $600 each for 48 months. What annual interest rate were you charged on the financing of the car?

3. You can deposit $1,000 today into a savings account. How long must you wait for the investment to grow to $4,000 if you can earn 12 percent on this money?

Reference no: EM132006534

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