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Problem 1: You deposit $7,500 into an account. After 10 years, the account is worth $44,187. If the interest compounds quarterly, calculate the...
Problem 1: You deposit $7,500 into an account. After 10 years, the account is worth $44,187.02. If the interest
compounds quarterly, calculate the annual interest rate.
Problem 2: You deposit $1,800 into an account that pays 7.5% compounded daily. How much will the account be worth after 8 years?
Problem 3: At some point in the past, you deposited $800 into an account which is now worth $2,121. If the account pays 6.5% compounded continuously, how long ago did you make your initial deposit?
Problem 4: In 10 years, you know that you will need to have $35,000. You have the ability to deposit money into an account today, which will pay 4.5% interest compounded annually. How much would you need to deposit in order to have $35,000 in ten years?
Problem 5: You deposit $15,000 into an account. After a certain number of years, the account is worth $220,959. If the account pays 9% compounded monthly, how long has the money been in the account?
