• 2021-04-14
    Today, you deposit $2,400 in a bank account that pays 4 percent simple interest. How much interest will you earn over the next 5 years?
  • $480.00

    内容

    • 0

      If you need to save up $8,000 in your account by the end of 9 months, and interest is 3% per annum simple interest, how much should you deposit today? A: 8,000/[1+0.03x(9/12)] B: 10,000/[1+0.03x(9/12)] C: 8,000/[0.03x(9/12)] D: 8,000/[0.03x(9/12)]

    • 1

      You have $5,000 you want to invest for the next 45 years. You are offered an investment plan that will pay you 6 percent per year for the next 15 years and 10 percent per year for the last 30 years. How much will you have at the end of the 45 years? How much will you have if the investment plan pays you 10 percent per year for the first 15 years and 6 percent per year for the next 30 years?

    • 2

      Ben invested $5,000 twenty years ago with an insurance company that has paid him 5 percent simple interest on his funds. Charles invested $5,000 twenty years ago in a fund that has paid him 5 percent interest, compounded annually. How much more interest has Charles earned than Ben over the past 20 years?

    • 3

      Because you don't earn much interest in a transaction account, it is the best account to use if you want to save money.

    • 4

      If you want to save up $60,000 in your account at the end of 3 years, and the compound interest rate is 6% per annum, how much should you deposit today? A: 10,000 / (1+0.06)3 B: 60,000 x (1+0.06)3 C: 60,000 / (1+0.06)3 D: 10,000 / (1+0.06)2