1) At what rate must $400 be compounded annually for it to grow to $716.40 in 10 years? A) 6% B) 5% C) 7% D) 8% 2) You just purchased a parcel of land for $10,000. If you expect a 12% annual rate of return on your investment, how much will you sell the land for in 10 years? A) $25,000 B) $31,060 C) $38,720 D) $34,310 3) If you place $50 in a savings account with an interest rate of 7% compounded weekly, what will the investment be worth at the end of five years (round to the nearest dollar)? A) $72 B) $70 C) $71 D) $57 4) Shorty Jones wants to buy a one-way bus ticket to Mule-Snort, Pennsylvania. The ticket costs $142, but Mr. Jones has only $80. If Shorty puts the money in an account that pays 9% interest compounded monthly, how many months must Shorty wait until he has $142 (round to the nearest month)? A) 73 months B) 75 months C) 77 months D) 79 months 5) If you want to have $1,700 in seven years, how much money must you put in a savings account today? Assume that the savings account pays 6% and it is compounded quarterly (round to the nearest $10). A) $1,120 B) $1,130 C) $1,110 D) $1,140 6) If you want to have $1,200 in 27 months, how much money must you put in a savings account today? Assume that the savings account pays 14% and it is compounded monthly (round to the nearest $10). A) $910 B) $890 C) $880 D) $860 7) You bought a painting 10 years ago as an investment. You originally paid $85,000 for it. If you sold it for $484,050, what was your annual return on investment? A) 47% B) 4.7% C) 19% D) 12.8% 8) You deposit $5,000 today in an account drawing 12% compounded quarterly. How much will you have in the account at the end of 2 1/2 years? A) $7,401 B) $5,523 C) $7,128 D) $6,720 9) How many years will it take for an initial investment of $200 to grow to $544 if it is invested today at 8% compounded annually? A) 8 years B) 10 years C) 11 years D) 13 years 10) If you purchased a share of Mico.com stock on March 1, 1993 for $45 and you sold the stock at $168 on February 28, 1998, what was your annual rate of return on the stock? A) 83% B) 75% C) 20% D) 30% E) 50%
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