ECON311 Lecture Notes - Savings Account, Interest, Liquid Oxygen
26 Nov 2013
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Practice problems with solution (source: test bank: robin invested ,000 in an account that pays 5 percent simple interest. How much more could she have earned over a 40-year period if the interest had compounded annually: ,207. 16, ,414. 14, ,399. 89, ,414. 14, ,399. 89. Type: problems: alex and courtney are each investing ,200 today in a savings account. Alex will earn 4 percent interest compounded annually. After five years alex will have ____ more than courtney: . 98, . 13, . 17, . 21, . 28. Type: problems: what is the future value of ,160 invested for eight years at 8. 5 percent compounded annually, ,988. 80, ,989. 71, ,122. 20, ,211. 29, ,404. 12. Type: problems: today, you earn a salary of ,800. What will your annual salary be twelve years from now if you receive annual raises of 3. 6 percent: ,981. 03, ,324. 17, ,907. 08, ,784. 17, ,213. 46. Type: problems: you own a stamp collection that is currently valued at ,500.
