The interest is compounded annually

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Reference no: EM131322253

1. Bob needs to invest $5318 today in order for his savings to be worth $8000 in 6 years. Which term refers to $5318?

A. Future value

B. Compound value

C. Complex value

D. Present value

E. factor value

2. You have $500 today and want to triple your money in 6 years. What interest rate must you earn if the interest is compounded annually?

A. 22.15%

B. 18.08

C. 19.90

D. 20.09

E. 21.21

Reference no: EM131322253

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