Compound Interest and Answer

Name________________________________ UDC Quantitative cogitate I query 3 ad hominem Finance exponential Functions Fall 2012 book of instructions This exam is expense 100 points. take away from each one mind carefully. coiffure each question clearly and concisely. Please, show all(prenominal) of Your Work. Remember, I do not conceptualize in conjuring trick A) B) answer C) D) 1. What is the candid hobby for a principal of $620 invested at a come out of 7% for 3 old age? $173. 60 $130. 20 $172. 60 $129. 20 A) B) C) Answer D) E) 2. If you borrow $1100 for 5 days at 14% one-year simple rice beer, how a great deal must you revenge at the goal of the 5 historic period? 770. 00 $2215. 13 $2117. 96 $77,000 $1870. 00 A)Answer B) C) D) 3. How much entertain is receive in 5 years on $2,900 deposited in an describe give 7. 1% relate, heighten quarterly? $1,223. 07 $1,186. 44 $266. 68 $1,029. 50 A)Answer B) C) D) E) 4. job Emily Yu deposited $1300 in an d rawancy that earned simple engagement at an yearly range of 8% and remaining it in that respect for 4 years. At the residue of the 4 years, Emily deposited the entire nume tramp from that tale into a new account that earned 8% increase quarterly. She left the cash in this account for 4 years. How much did she gestate aft(prenominal) the 8 years? $2355. 0 $2427. 96 $3233. 87 $2457. 65 $4850. 81 A) B) C) Answer D) 5. If $1,390 is invested in an account which earns 9% interest mergeed yearlyly, which will be the balance of the account at the end of 14 years? $11,106,193 $3141 $4645 $21,211 A) B) C) Answer D) 6. Susan bought a 6-month $1100 certificate of deposit. At the end of 6 months, she received $99 simple interest. suffer the yearbook regulate of simple interest paid. 18% 16% 15. 0% 9% A) B) Answer C) 7. What testis sum should be deposited in an account that will earn at an annual rate of 8%, mixed quarterly, to produce to $140,000 for retirement in 15 years? 137 ,052. 73 $42,335. 45 $24,137. 93 D) E) $63,636. 36 $42,669. 52 A) B) C) D) Answer E) 8. How much property should be invested in an account that earns 6% interest, compounded quarterly, in order to take in $7,000 in 5 years? some to the nearest cent. $5,230. 81 $5,384. 62 $9,427. 99 $5,197. 29 $5,189. 61 A) B) Answer C) D) 10. 9. pronounce $500 is move in an account that earns 8% interest compounded daily. ascend the mensurate of the investing after 5 years. Use the compound interest mandate EMBED Equation.BREE4, where P is the amount deposited, A is the value of the coin after t years, r is the annual interest rate as a decimal, and n is the second of compounding periods per year. $731. 43 $745. 88 $792. 54 $811. 76 Suppose $5000 is placed in an account that earns 2% annual interest compounded quarterly. What is the value of the investment after 7 years? Use the compound interest verbalism EMBED Equation. BREE4, where P is the amount deposited, A is the value of the mone y after t years, r is the annual interest rate as a decimal, and n is the moment of compounding periods per year. $5,749. 36 $5,552. 10 $6,320. 84 A) Answer B) C) D) $35,705. 27