My book got stolen so I didn't have the formulas to help. THANKS FOR THE HELP!
1. Luke invested $110 at 5% simple interest for a period of 6 years. How much will his investment be worth after 6 years?
a) $140.00
b) $143.00
c) $144.00
d) $142.00
e) $147.00
f) None of the above.
2. Mr. Smith wishes to retire in 11 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 6% per year compounded annually. How much should he deposit now to attain his goal?
a) $263,395.76
b) $263,397.76
c) $263,393.76
d) $263,394.76
e) $263,396.76
f) None of the above.
3. A grandmother deposited $1,000 in an account that pays 6% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 17th birthday?
a) $2,722.77
b) $2,692.77
c) $2,732.77
d) $2,682.77
e) $2,672.77
f) None of the above.
4. Jack and Tracy would like to have $10,000 for a down payment on a new condo. A savings account at their local credit union will pay 2% per year compounded monthly. How much should they deposit now in this account to have the down payment in 3 years?
a) $9,458.12
b) $9,388.12
c) $9,418.12
d) $9,448.12
e) $9,428.12
f) None of the above.
5. Stor-Away Co. needs to buy a new forklift. The company decides to deposit $3,700 in an account that earns 3% per year compounded semiannually. How much will the investment be worth in 2 years?
a) $3,957.05
b) $3,927.05
c) $3,907.05
d) $3,967.05
e) $3,887.05
f) None of the above.
6. John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $130 per month for the next 4 years. How much must John invest today at 7% per year compounded monthly so that his grandfather can withdraw $130 per month for the next 4 years?
1. Luke invested $110 at 5% simple interest for a period of 6 years. How much will his investment be worth after 6 years?
a) $140.00
b) $143.00
c) $144.00
d) $142.00
e) $147.00
f) None of the above.
2. Mr. Smith wishes to retire in 11 years. When he retires he would like to have $500,000 in his bank account. Mr. Smith's bank pays 6% per year compounded annually. How much should he deposit now to attain his goal?
a) $263,395.76
b) $263,397.76
c) $263,393.76
d) $263,394.76
e) $263,396.76
f) None of the above.
3. A grandmother deposited $1,000 in an account that pays 6% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 17th birthday?
a) $2,722.77
b) $2,692.77
c) $2,732.77
d) $2,682.77
e) $2,672.77
f) None of the above.
4. Jack and Tracy would like to have $10,000 for a down payment on a new condo. A savings account at their local credit union will pay 2% per year compounded monthly. How much should they deposit now in this account to have the down payment in 3 years?
a) $9,458.12
b) $9,388.12
c) $9,418.12
d) $9,448.12
e) $9,428.12
f) None of the above.
5. Stor-Away Co. needs to buy a new forklift. The company decides to deposit $3,700 in an account that earns 3% per year compounded semiannually. How much will the investment be worth in 2 years?
a) $3,957.05
b) $3,927.05
c) $3,907.05
d) $3,967.05
e) $3,887.05
f) None of the above.
6. John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $130 per month for the next 4 years. How much must John invest today at 7% per year compounded monthly so that his grandfather can withdraw $130 per month for the next 4 years?
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