# Week four Fian

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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