Question Description
Q 1
How long would it take $3 thousand to double if it was invested in a bank account that paid 5% annual interest? Enter you answer as a number with two decimal places of precision (i.e. 1.23)
Q 2
You have a child and you want to provide $48 thousand in 10 years towards their education. You currently have $11 thousand to invest. What rate of return must you earn to have $48 thousand when you need it? Enter your answer as a decimal with a leading zero and four places of precision (i.e. 0.1234)
Q3
You want to start savings for your daughter's college education. You estimate that she will need $33 thousand in 8 years. If you feel confident that you can earn a 8% return each year, how much do you need to invest today? Enter you answer as a number with two places of precision (i.e. 1.23)
Q4
What is the future value after 6 years of an initial $100 investment if the annual interest rate earned is 11%? Enter your answer as a value with two decimal places of precision (i.e. 1.23)
Q5
You are offered an investment opportunity that pays $562 at the beginning of each period for 11 years. You could earn 7.3% on an investment of similar risk. What is the most you should pay for this opportunity (today)? Enter your answer as a number with two decimal places of precision (i.e. 1.23).
Q6
Suppose you win the Publishers Clearing House Sweepstakes. The money is to be paid in equal, annual installments of $3,641 at the end of each year for the next 36 years. If the appropriate discount rate is 5.3%, how much is the sweepstakes worth today? Enter your answer as a number with two decimal places of precision (i.e. 1.23).
Q7
What payment would you need to make to accumulate $5,000 in your account in 7 years. Assume you open the account today and will not make your first payment until the end of the year. The account pays 3.65% annual interest. Enter your answer as a number with two decimal places of precision (i.e. 1.23).
Q8
You plan to save $1,121 per year for 7 years. You will make your first payment to the account at the end of the year. The bank will pay 3.1% annual interest. How much will you have in the account at the end of the investment horizon (in 7 years? Enter your answer as a number with 2 places of precision (i.e. 1.23).
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