# Finance

**Question 1** (1 point)

What would be the yearly earnings for a person with $14700 in savings at an annual interest rate of 16.6% percent?

**(****Round your answer to the nearest whole number.** **Do not include ****the comma, period, and “$” sign in your response.)**

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**Question 2** (1 point)

What is the future value of $3330 8 years from now at 7 percent?

Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]

**(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)**

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**Question 3** (1 point)

What is the future value of $3425 saved each year for 14 years at 2 percent?

Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]

**(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)**

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**Question 4** (1 point)

What is the amount a person would have to deposit today (present value) at 8 percent interest rate to have $11200 saved 7 years from now.

Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]

**(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)**

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**Question 5** (1 point)

What is the amount you would have to deposit today to be able to take out $3000 a year for 8 years from an account earning 14 percent.

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**Question 6** (1 point)

If you desire to have $49400 for a down payment for a house in 10 years, what amount would you need to deposit today? Assume that your money will earn 5 percent.

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**Question 7** (1 point)

Pete Morton is planning to go to graduate school in a program of study that will take 4 years. Pete wants to have $17500available each year for various school and living expenses. If he earns 5 percent on his money, how much must be deposit at the start of his studies to be able to withdraw $17500 a year for 4 years?

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**Question 8** (1 point)

Carla Lopez deposits $9900 a year into her retirement account. If these funds have an average earning of 8 percent over the 8 years until her retirement, what will be the value of her retirement account?

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**Question 9** (1 point)

If a person spends $25 a week on coffee (52 weeks in a year), what would be the future value of that amount over 9 years if the funds were deposited in an account earning 5 percent?

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#### Chapter 1 LO 1.3

**Question 10** (1 point)

A financial company that advertises on television will pay you $64,000 now for annual payments of $9,100 that you are expected to receive for a legal settlement over the next 8 years. Assume you estimate the time value of money at 11 percent.

Use the appropriate time value of money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D].

(a) What is the present value?

**(Round your answer to the nearest whole number. Omit the comma, period, and “$” sign in your response.)**

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