1. What is the future value of $4000 in 5 years if it is invested at an interest rate of 6.00%?
a. $5,300
b. $5,563
c. $5,353
d. $6,214
e. $6,431
2. Suppose your retirement goal is to accumulate $400 in 2.5 years. How much do you need to deposit in the bank today to meet your goal if the bank offers an interest rate 5.65%?
a. $321
b. $336
c. $482
d. $293
e. $349
3. What is the present value of 15 annual installments of $2000 paid at the end of each year and beginning at the end of the first year if the interest rate is 6.35%?
a. $15,336
b. $16,456
c. $17,838
d. $18,988
e. $20,765
4. How long does it take for a deposit of $1656 to triple in value if invested at the interest rate of 5.90%?
a. 19.16years
b. 20.25years
c. 21.26years
d. 22.38years
e. 23.56years