1.What is the future value of $200 deposited today at 7 percent interest compounded annually for...
1.What is the future value of $200 deposited today at 7 percent interest compounded annually for 4 years? (Round to the nearest dollar.)
A.$262
B.$260
C.$267
D.$256
2.Raffy deposited $4000 in an investment account for 4 months. The account paid simple interest at a rate of 2.1 percent. What is the future value of his investment?
A.$4336.00
B.$4084.00
C.$4028.00
D.$4164.75
Homework Answers
a) This question uses formula for compound interest
FV = PV * (1 + r)n
FV = $200 * (1 + 7%)4
FV = $262.16
FV = $262 (Option A)
b) Simple Interest = Principal * rate * Time
Simple interest = $4000 * 2.1% * (4/12) = $28
Total amount accumulated in 4 months = $4000 +$28 = $4028 (Option C)
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