QUESTION 13 Find Earned Interest Using Compound Interest Formula:
You deposit $5,000 in an account eaming 5% interest compounded quarterly. How much interest will you eam in 10 years?
A $3,218.10
B. 5661,35
C. $3.235.05
D. $2,500
QUESTION 14
Find Principal Value Using Compound Interest Formula:
Suppose you start saving today for a $8,000 down payment that you plan to make on a condo in 4 years. Assume that you make no deposits into the account after
your initial deposit. The account has quarterly compounding and an APR of 6%. How much would you need to deposit now to reach your $8,000 goal in 4 years?
A $700
B. $6,304.25
C. $5,035
D. $15,000
QUESTION 15
Find Principal Value Using Compound Interest Formula:
How much would you need to deposit in an account now in order to have $6,000 in the account in 10 years? Assume the account earns 2% interest compounded
monthly
A $4,913.20
B. 35,218,21
C. 57,327.20
D. $1,086.80