Please Help!!

QUESTION 1

1. A bank deposit paying simple interest grew from an initial sum of $1,000 to a sum of $1,045 in 9 mo. Find the interest rate.

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	a.	The interest rate is 7%/year.
	b.	The interest rate is 6%/year.
	c.	The interest rate is 5.5%/year.
	d.	The interest rate is 7.2%/year.

1 points   

QUESTION 2

1. Find the simple interest on a $200 investment made for 5 years at an interest rate of 8%/year. What is the accumulated amount?

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	a.	The simple interest is $95, the accumulated amount is $265.
	b.	The simple interest is $105, the accumulated amount is $255.
	c.	The simple interest is $80, the accumulated amount is $280.
	d.	The simple interest is $100, the accumulated amount is $300.

1 points   

QUESTION 3

1. Find the accumulated amount at the end of 6 months on an $400 deposit in the bank paying simple interest at the rate of 3% year.

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	a.	The accumulated amount is $413.
	b.	The accumulated amount is $416.
	c.	The accumulated amount is $411.
	d.	The accumulated amount is $406.
	e.	The accumulated amount is $418.

1 points   

QUESTION 4

1. Carlos invested $7,000 in a money market mutual fund that pays interest on a daily basis. The balance in his account at the end of 8 mo (245 days) was $7,432. Find the effective rate at which Carlos's account earned interest over this period (assume a 365-day year).

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	a.	9.34%.
	b.	9.24%.
	c.	6.18%.
	d.	6.38%.

1 points   

QUESTION 5

1. In the last 3 years, mutual fund A grew at the rate of 9.5%/year compounded quarterly. Over the same period, mutual fund B grew at the rate of 9.6%/year compounded semiannually. Which mutual fund has a better rate of return?

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	a.	Fund B
	b.	Fund A

1 points   

QUESTION 6

1. Determine the simple interest rate at which $  will grow to $  in the  months. Round your answers to the nearest tenth of percent.

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	a.	The interest rate is %/year.
	b.	The interest rate is %/year.
	c.	The interest rate is %/year.
	d.	The interest rate is %/year.
	e.	The interest rate is %/year.

1 points   

QUESTION 7

1. Find the accumulated amount A if the principal, P = $  is invested at the interest rate r =  %/year for t =  years compounded semiannually. Round your answers to two decimal places.

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	a.	The accumulated amount is $8544.01.
	b.	The accumulated amount is $8644.01.
	c.	The accumulated amount is $8592.56.
	d.	The accumulated amount is $8509.62.
	e.	The accumulated amount is $8,744.01.

1 points   

QUESTION 8

1. Find the effective rate corresponding to the given nominal rate 10% compounded semiannually.

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	a.
	b.
	c.
	d.

1 points   

QUESTION 9

1. A young man is the beneficiary of a trust fund established for him 21 years ago at his birth. If the original amount placed in trust was $8,000, how much will he receive if the money has earned interest at the rate of 8%/year compounded annually? Compounded quarterly? Compounded monthly?

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	a.	A young man will receive $40,271 if the money has earned interest compounded annually, $42, 219 if the money has earned interest compounded quarterly, $42,686 if the money has earned interest compounded monthly.
	b.	A young man will receive $40,120 if the money has earned interest compounded annually, $42,211 if the money has earned interest compounded quarterly, $42,016 if the money has earned interest compounded monthly.
	c.	A young man will receive $41,002 if the money has earned interest compounded annually, $42,064 if the money has earned interest compounded quarterly, $41,374 if the money has earned interest compounded monthly.
	d.	A young man will receive $40,487 if the money has earned interest compounded annually, $42,367 if the money has earned interest compounded quarterly, $41,938 if the money has earned interest compounded monthly.

1 points   

QUESTION 10

1. Find the present value of $30,000 due in 4 years at the given rate of interest 6%/year compounded monthly.

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	a.	The present value is $23,255.83.
	b.	The present value is $23,741.10.
	c.	The present value is $23,612.95.
	d.	The present value is $22,941.71.