What is the future value of $2,944 invested for 9 years at 6.00 percent compounded annually?
One year ago, you invested $3,140. Today it is worth $3,700.50. What rate of interest did you earn?
Some time ago, Julie purchased eleven acres of land costing $15,190. Today, that land is valued at $59,547. How long has she owned this land if the price of the land has been increasing at 5 percent per year?
| First City Bank pays 8 percent simple interest on its savings account balances, whereas Second City Bank pays 8 percent interest compounded annually. |
| If you made a $61,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years |
| Compute the future value of $1,000 compounded annually for 20 years at 6 percent. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| Future value | $ |
| b. | Compute the future value of $1,000 compounded annually for 15 years at 9 percent. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| Future value | $ |
| c. | Compute the future value of $1,000 compounded annually for 25 years at 6 percent. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| Future value | $ |
| For each of the following, compute the present value (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.): |
| Present Value | Years | Interest Rate | Future value | |||||
| $ | 12 | 6 | % | $ | 15,951 | |||
| 3 | 12 | 56,557 | ||||||
| 28 | 13 | 891,073 | ||||||
| 30 | 10 | 555,164 | ||||||
