Your grandmother invested $2,300 for you on the day you
| Your grandmother invested $2,300 for you on the day you were born. This investment has earned an average of 13.8 percent annually. How old are you if the investment is now worth $18,642? |
14.36 years
14.58 years
15.15 years
16.19 years
2.
| You just inherited $7,100 which you are investing at 7.25 percent interest. How long will you have to wait until your account reaches a value of $12,000? |
6.96 years
8.34 years
7.50 years
8.55 years
3.
| First City Bank pays 7 percent simple interest on its savings account balances, whereas Second City Bank pays 7 percent interest compounded annually. |
| If you made a $73,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 9 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
Please answer all the questions. Thank you.
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