Author Question: You plan to invest $2,500 in a money market account which will pay an annual stated (nominal) ... (Read 30 times)

itsmyluck · **on:** Apr 25, 2021

Question 1

You invest $2,500 today at an interest rate of 20% compounded annually. How much will you accumulate after 35 years?
◦ $1,476,670.57
◦ $1,230,558.81
◦ $1,506,203.98
◦ $1,772,004.69
◦ $1,974,367.39

Question 2

You plan to invest $2,500 in a money market account which will pay an annual stated (nominal) interest rate of 8.75%, but which compounds interest on a weekly basis. If you leave this money on deposit for one year (52 weeks), what will be your ending balance when you close the account?
◦ $2,583.28
◦ $2,611.72
◦ $2,681.00
◦ $2,703.46
◦ $2,728.40

joneynes · **Reply #1 on:** Apr 25, 2021

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