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QUESTION 1 Solve the problem. Round to the nearest cent. A small company borrows at compounded monthly. The loan is due in How much interest will the...

QUESTION 1

  1. Solve the problem. Round to the nearest cent.
  2. A small company borrows   at   compounded monthly. The loan is due in   How much interest will the company pay?
  3. $117,605.05
  4. $115,913.49
  5. $115,549.55
  6. $207,605.05

1.00000 points  

QUESTION 2
  1. Find the APY corresponding to the given nominal rates.
  2. 4.5% compounded quarterly
  3. 4.59%
  4. 4.5%
  5. 4.55%
  6. 4.58%

1.00000 points  

QUESTION 3
  1. Find the compound interest earned by the deposit. Round to the nearest cent.
  2. $16,000 at 3% compounded annually for 13 years
  3. $6240.00
  4. $7496.54
  5. $6812.17
  6. $5760.00

1.00000 points  

QUESTION 4
  1. Find the amount that should be invested now to accumulate the following amount, if the money is compounded as indicated.
  2. $2400 at 6% compounded annually for 7 yr
  3. $1691.91
  4. $803.86
  5. $1596.14
  6. $3608.71

1.00000 points  

QUESTION 5
  1. Solve the problem.
  2. A bank gives you two options to choose from for your investments:
  3.  Option A: 6% annual interest rate compounded yearly; and
  4.  Option B: 5.9% annual interest rate compounded quarterly.
  5. Decide which is the better investment at the end of 2 years.
  6. Option A
  7. Option B

1.00000 points  

QUESTION 6
  1. Find the interest rate (with annual compounding) that makes the statement true. Round to the nearest tenth when necessary.
  2. $10,000 grows to $10,816.00 in 2 years
  3. 4.25%
  4. 2%
  5. 4%
  6. 2.5%

1.00000 points  

QUESTION 7
  1. Find the compound amount for the deposit. Round to the nearest cent.
  2. $1000 at 8% compounded annually for 8 years
  3. $1640.00
  4. $1850.93
  5. $1560.00
  6. $1713.82

1.00000 points  

QUESTION 8
  1. Solve the problem.
  2. Find the face value (to the nearest thousand dollars) of the 10-year zero-coupon bond at 3.6% (compounded semiannually) with a price of $17,498.
  3. $15,800
  4. $25,000
  5. $15,000
  6. $25,500

1.00000 points  

QUESTION 9
  1. Find the compound amount and the interest earned when the given investment has continuous compounding.
  2. $11,000 at 2.3% for 8 years
  3. $13,529.81; $2529.81
  4. $13,222.17; $2222.17
  5. $11,255.93; $255.93
  6. $13,024.00; $2024.00

1.00000 points  

QUESTION 10
  1. Solve the problem.
  2. $1334 is deposited into a savings account at 8% interest, compounded quarterly. To the nearest year, how long will it take for the account balance to reach $1,000,000?
  3. 117 years
  4. 75 years
  5. 84 years
  6. 58 years
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