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What was the average annual rate of increase

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Question 1: If you deposit $15,000 today and earn 8% annual interest, how much will you have in 9 years?

Question 2: Tiffany will receive a graduation gift of $10,000 from her parents in 3 years. If the discount rate is 7%, what is this gift worth today?

Question 3: What is the present value of a 20-year ordinary annuity of $30,000 using a 6% discount rate?

Question 4: You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money?

Question 5: The Johnsons have $60,000 to use as a down-payment on a house, and they want to borrow $240,000 from the bank. The current mortgage interest rate is 5%. If they make equal monthly payments for 30 years, how much will the monthly payment be?

Question 6: Tim paid $250 per month into his 401K retirement plan. After 30 years, he had accumulated $500,000. What average annual rate of interest had he earned over the 30 years?

Question 7: Charlotte's firm had sales of $525,000 in the year 2001. By 2012, sales had increased to $1,200,000. What was the average annual rate of increase?

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## Q : Nominal annual interest rate compounded monthly

Amount of money should you pay each month to retire a $12000 debt in five years if interest rate on money is 10% nominal annual interest rate compounded monthly