1. Charles Hess is saving for a new tractor. The cost is $75,000. How much must he invest at a 4% annual interest rate to have $75,000 in six years? Round to the nearest dollar.
A. $60,104
B. $57,933
C. $58,106
D. $59,274
E. None of the above
2. Karen is saving for a new car. The car cost 22,000. How much must Karen invest in a savings account that pays 4% annually to have the $22,000 in three years? Round to the nearest dollar.
A. $20,147
B. $19,107
C. $19,558
D. $19,328
E. None of the above
3. Ellen invested $5,000 in a savings account that paid 5% interest compounded annually. She kept the account for three years. At the end of the thee years, Ellen will have approximately
A. $6,103
B. $5,444
C. $5,414
D. $5,788
E. None of the above
4. Grayson is saving for a used car. He needs $14,000. How much must he invest at 3% interest rate to have $14,000 in two years. Round to the nearest dollar.
A. $12,983
B. $12,417
C. $13,720
D. $13,916
E. None of the above
5. Jesse Ellis invested $4,000 in a saving scoping that paid 6% interest compounded annually for six years. At the end of six years, Jesse will have approximately
A. $5,103
B. 5,674
C. $5,506
D. $4,903
E. None of the above