2.4.1: Exercises

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Leah Griffith, Veronica Holbrook, Johnny Johnson & Nancy Garcia
Rio Hondo College

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Section 2.4.1 Exercises

You deposit $300 in an account earning 5% interest compounded annually. How much will you have in the account in 10 years?
How much will $1000 deposited in an account earning 7% interest compounded annually be worth in 20 years?
You deposit $2000 in an account earning 3% interest compounded monthly.
1. How much will you have in the account in 20 years?
2. How much interest will you earn?
You deposit $10,000 in an account earning 4% interest compounded monthly.
1. How much will you have in the account in 25 years?
2. How much interest will you earn?
How much would you need to deposit in an account now in order to have $6,000 in the account in 8 years? Assume the account earns 6% interest compounded monthly.
How much would you need to deposit in an account now in order to have $20,000 in the account in 4 years? Assume the account earns 5% interest compounded weekly.