Author Question: Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings ... (Read 287 times)

asan beg · **on:** Jun 6, 2019

Question 1

OPG has set up a fund to help pay the expenses for the monitoring of Pickering nuclear power plant once it is in safe storage. The balance in the fund today is $700 million, and it will earn interest at 7% compounded annually. Starting 10 years from now, $100 million will be withdrawn from the fund at the beginning of every year for 30 years. What is the annually compounded interest rate for the fund during the final 30 years?
◦ 0.72%
◦ 4.33%
◦ 0.67%
◦ 6.61%
◦ 7%

Question 2

Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded monthly. If he puts the money in his savings account at the beginning of each month, what will be the balance in the account at the end of the three-year term?
◦ $18 603.37
◦ $17 390.19
◦ $18 600.50
◦ $18 638.25
◦ $18 408.04

yahahah24021 · **Reply #1 on:** Jun 6, 2019

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