2.5.1: Exercises
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Section 2.5.1 Exercises
- You wish to have $3000 in 2 years to buy a fancy new stereo system. How much should you deposit each quarter into an account paying 8% compounded quarterly?
- You deposit $200 each month into an account earning 3% interest compounded monthly.
- How much will you have in the account in 30 years?
- How much total money will you put into the account?
- How much total interest will you earn?
- You deposit $1000 each year into an account earning 8% compounded annually.
- How much will you have in the account in 10 years?
- How much total money will you put into the account?
- How much total interest will you earn?
- Raymond has determined he needs to have $800,000 for retirement in 30 years. His account earns 6% interest.
- How much would he need to deposit in the account each month?
- How much total money will he put into the account?
- How much total interest will he earn?