Question 1
You agree to make36deposits of $600at the beginning of each month into a bank account. At the end of the36thmonth, you will have $25,000 in your account. If the bank compounds interest monthly, what nominal annual interest rate will you be earning?
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8.79%
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8.62%
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9.40%
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9.31%
Question 2
You anticipate that you will need $1,300,000 when you retire28years from now. You plan to make28deposits, beginning today, in a bank account that will pay7% interest, compounded annually. You expect to receive annual raises of3%, so you will increase the amount you deposit each year by3%. (That is, your second deposit will be3% greater than your first, the third will be3% greater than the second, etc.) How much must your first deposit be if you are to meet your goal?
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$11,144.03
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$11,754.31
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$12,491.25
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$12,346.35
If a fire were to occur, follow the evacuation plan.
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