2. Calculate the future value of a savings account of $10000 for 6 years at 9.25% compound interest.
4. When Brook was born his parents put down a deposit for him in an investment account earning 12.75%. When he
graduated from college at age 22 he cashed in that account receiving $35036. How much was the initial deposit?
6. Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank
and deposit it in a local bank paying 8.5% interest compounded quarterly. If she finds $700 in the piggy bank how much will it grow to in 10 years?
8. If Maria wants to collect $16750 in 5 years and has an option to deposit an initial amount of $5000 in an
account bearing interest compounded monthly what rate of interest will help her achieve her goal?
10. How long will it take (in years) for $11450 to accumulate to $29545.88 if the money is worth 18%
12. Kevin was told that his loan bears 12% interest. Knowing that the compounding term will be monthly what is
the effective rate of interest?