You have decided to spend $5,300 on a vacation 3 years from now, $10,500 on a vacation 5 years from now, and $7,500 on a vacation 7 years from now. You want to deposit sufficient funds today to cover these future expenditures. How much do you need to deposit today if you can earn 7.8 percent on your savings?
$14,976.10
$14,733.07
$15,876.76
$16,777.42
Two years ago, you opened an investment account and deposited $16,000. One year ago, you added another $3,100 to the account. Today, you are making a final deposit of $13,000. How much will you have in this account 3 years from today if you earn a 15.10 percent rate of return?
$57,585.68
$57,316.12
$55,692.27
$59,680.30
Tina saved $50 at the beginning of each month for 25 months. Ted saved $50 at the end of each month for 25 months. Assume Tina and Ted starting saving in the same month and both earned the same rate of return. What do you know for certain about the balances in their accounts at the end of the 25 months?
A) Both Tina and Ted will have the same amount of money.
B) You cannot draw any conclusions on their relative balances based on the information provided.
C) Ted will have more money than Tina.
D) Tina will have more money than Ted.